A lot changed progressively with the introduction of the PAMC report on performance. Very few of us still flying who date back to that time .... early 50s (?) or thereabouts - I should look it up but it is not conveniently to hand just at the moment.
Another related consideration involves the possibility of an engine failure.
For the landing we consider two configuration cases - approach (gear up, approach flap and OEI) and landing (gear down, landing flap, AEO). For the wave off, there is little benefit to be had (once the aircraft is climbing) in maintaining the landing configuration. Consequently, the typical process is to select approach flap and go around thrust, wait/check for a positive rate and then select gear up. Now, you will be doing far better compared to the landing configuration miss and, you also have some protection for an engine failure during the process. In earlier times, initiating the miss from a landing configuration OEI approach would have to qualify as one of the harder stick and rudder tasks for the pilot .... if, indeed, feasibly achievable.
Generally, speaking, a wave off in the landing configuration, with an engine failure, is not going to end well.
One mishap with good consequences for the folks on board, if not for the hull, and rather near to home for us Ozzies -
Ansett F27 Crash @ LST in 1965 - PPRuNe Forums