I don't think any checklists apply when you are 750ft off the ground on take-off with full load of pax, full fuel and both engines out. At the risk of being a backseat driver, I think the decision to keep the LG up was the correct one (if it indeed was a conscious decision). They do absorb the impact energy but only if they are fully down. What happens if the impact catches them in transition, nobody knows. Also, LG down during crash landing increases the chance of flipping the craft.