If you go around in this config you would retract the flaps to 1 electrically.
On the technical side.
The L/E will go to full extend once the alt sw is selected on and the first selection of the toggle sw is placed to down...even for a second. They will stay full ext until the alt switch (guarded one) is place back to normal and norm hyd press is restored.
You are limited to 230 kts with L/E full ext so it would make sense to do the circuit just above clean speed...say 210kts
There would be no change in decision height but you couln't do a lo-vis landing (less than 200ft DH) because you need the automatics and they wont work without hyd.
There is plenty of power with 2 engines. It will climb at flaps 40 with 2 engines...but as already said you will not make the legal climb gradient required for a missed approach. Normally we have to configure the aircraft so it will climb at leat 2.4 degrees gradient.
Hope this helps