I don't agree to Bally Heck's if the engine stops, plan a forced landing and if you still have time, try a restart (I do, however, agree if below 500 feet).
Most engine failures can be restarted. The most commen reason for engine failures is an empty fuel tank. So switching tanks should be the first priority. Then turn in a generally good direction but do not start looking for specific landing sites (it would be foolish to make a landing in a rough field, with possible risk of damage, because the time was prioritied looking for a landing site, rather that restarting the engine). After that perform the memorized emergency checks. All of the above shouldn't take more than 20-30 seconds and will most like get the engine started again
Then, if nothing works, plan a forced landing.