Hughes - for that particular situation, 2000'agl gives far more options than being at low level.
The 180 turn followed by a descent to not below 1000' agl would seem the logical solution - just depends on whether you are 2000 agl in a big valley with high ground either side of you!
As others have stated, there is no 'one-size-fits-all' solution as there are too many vaiables with the pilot experience, aircraft fit and actual conditions/terrain to consider.
Just make a plan, know your limits and stick to them.