The whole premis of your initial enquiry was in regards to a navaid failure or being out of tolerance.
If the NDB has failed (or raim loss) then you have no way of flying towards it, so you go missed immediately. I know you have mentioned using dead reckoning to get there, etc, and quoted from ENR, but station passage of an NDB that is no longer working is impossible.
If you are out of tolerance on an apprppach and make an effort to get back on track then this may be accepted by an ATO. It is the sustained and un-noticed devation that isn't good and would lead to a missed approach. This still needs to lead to a missed approach whilst trying to save face by getting back on track. Again, the missed approach includes an immediate climb whilst tracking MAPt, and since you are reconfiguring (gear up, flaps 0, etc), then continuing with a landing if you did break visual can't be done. I also think that, by being out of tolerance and initiating a go around, you have conceded defeat and trying to re-continue an approach, should you become visual, would be seriously wrong and I can't believe that anyone would suggest this.