You will be glad to know that I am not typing this at 900ft AGL.
Strangely enough, I'm not sure it makes all that much difference. I was discussing with a 2,500 hour Auster pilot at the weekend with three engine failures behind him and he was of the opinion that you're almost better off at 500 feet than 5,000 feet. Obviously, at 5,000 feet you might have the possibility to glide home or to another airfield, but failing that field selection is quite a problem. There's a lot of choice and it's hard to assess. The big advantage from 500 feet is that you can see the contours of the ground and your options are limited, which prevents you faffing around. Also, from 500 feet you can get down a lot quicker if you need to than from 5000 feet, e.g. engine fire.
I guess this applies to small aircraft like Cubs and Austers. I couldn't comment for Bellanca Vikings or Piper Saratogas.
QDM