I was taught to use essentially the same technique as used on a winch launch failure in a sailplane. First, get the nose down and establish glide speed plus a safe margin. While the aircraft accelerates, decide which option to go for. Once you have speed, manoeuvre if necessary - but if in doubt, land straight ahead as best possible. (And if manoeuvring, keep speed up well up and turn tightly). Ideally, think this through immediately before take-off so it is at the front of your mind.
In really rough country, that turn back if feasible can be a life saver - but then in really rough country, gaining altitude as close to the field as possible is also a good plan !