We did some trials in a PA28 last summer - at a safe height, of course. The brief was to be climbing at 85 mph at 3000ft, the other FI would then close the throttle some time after 3300ft and the handling FI would then fly a descending steep turn through 180 deg, with the non-handling FI noting the height loss.
We concluded that a 'turnback' at anything more than 5-600ft above the simulated runway might be successful if the pilot immediately entered a steep descending turn at 45 deg AoB into wind. But it was a very demanding manoeuvre and we doubted whether the average pilot in average recency with average handling skills would be able to cope.