Mutt,sorry but you missed the point of an 'Immediate return to landing'...In the case presented one had an engine out-No requirement for an Immediate landing..I changed the scenario to develope thoughts on where one would 'abreviate' the checks to get on the ground ASAP......
On the 727 there was no concern-leave the bugs as they were,land O'weight with reduced flap( to meet the Climb gradient)..
Same for the 320,activate the 'approach page' to get the 'proper'speeds,land with flaps 3 (again to meet the Climb gradient)use longest runway..
These comply with an Immediate return to land..
Cheers(food for thought whilst in cruise or walking the dog)