BA'a training does not advocate holding to reduce landing weight on one engine.
All single engine ops are "land at nearest suitable airport".
Always take the overwieght landing unless of course the runway is insufficient to take the weight (back of the QRH) in which case the airfiled is then "unsuitable" for that weight. You would then divert to a "suitable airfield" or reduce weight to one that the runway distance can accomodate.
NN