Thief13x
This must be a different procedure to the UK one, because in the UK one you don't do a continuous bank angle until lined up with the runway. You join overhead, typically 2000ft AGL, then descend into the normal circuit (typically 1000ft AGL) on what is called the dead side and fly the normal circuit.
I suppose one could do a no-engine landing from an OHJ at any point, if one kept the circuit very tight, but that's not why they exist. It is a relic from before radio was carried on aircraft, and the idea is that you can read the signals square.