Not practiced in the sim (unless you have time at the end of the mandatory exercises and fancy it!).
5 mile final will be just under 2000 feet above the ground and about 2-3 mins from touchdown. There'd be time to attempt restarts. You'd probably not quite have full landing flaps out yet. You could consider reducing the flap setting (as the BA 777 did) to stretch the glide. I imagine most would aim to land as close to the airport as possible as it tends to be flatter and more sparse the closer you get to most airports jets fly in to, plus the emergency vehicles are that bit closer.
Failing that (e.g. if it's an airport surrounded by water, terrain, buildings, etc.) you might consider aiming for the most appropriate piece of ground to land on that you think you can make i.e. one that has the softest and cheapest things to hit and offers the greatest prospect of maximum survivability!
Time permitting, you'd want to advice ATC and the cabin of what to expect.
I think Ryanair had an incident awhile back where they hit a flock of birds on short final which caused thrust 'issues' on both engines. Think it was Rome. Also, of course, the ditching in the Hudson River by an A320 was a bird strike resulting in loss of thrust on both engines. Good clips on YouTube if you want to get a feel for the time available etc.
Last edited by bucket_and_spade; 22nd Dec 2012 at 17:53.