Steve,
Yes, you are correct - below Vmca the only safe way to recover is to go symmetrical by throttling back and descending.
Above Vmca, you control the yaw with the rudder, go to full power and think about 'cleaning up' flap and gear.
Makes low speed low height engine failure situations interesting (i.e. take off and landing)
As they say, speed is life, height is life insurance. Doubly so in twin flying (sorry, bad pun...)
[This message has been edited by foghorn (edited 29 January 2001).]