. flew with one muppet who delivered a beautiful briefing before every takeoff, right down to "I'll land straight ahead or not more than 30 degrees either side of the centreline..." and promptly overshot the field when he suffered an EFATO (in an LSA type), instead of turning approximately 70 degrees (from 400' odd) and landing on a cross runway. So yes, aviation is a dynamic environment.
There is no way you should be doing large turns with an engine out at 400'. I'd take the controlled crash at low speed wings level, than try and be a hero and run the risk of stalling the aircraft at 200'. Do you have any idea what speed you would stall at in a 45 degree bank turn? Turnbacks are to be considered but only above a certain altitude.
I suspect this accident report will have a bit of a speel on lift vectors and angles of bank and their relationship.