I have done pfl's down to about 20ft agl taking advantage of the rules,after all if you don't go down to the ground you never know if you would make it.
While you might not know whether you would be able to land the aircraft without causing any damage, it should be pretty obvious by 200ft agl, at the lowest, whether you're going to walk away or not - which I would argue is the prime aim of a PFL - if the engine has failed then the aircraft is now the insurers problem! Continuing a PFL down to ground level off-airfield gives you no room whatsoever for any coughing or spluttering as you climb away.
Surely you can tell from 200ft if you're in a position to land safely from a glide approach? And if you're not sure, should you really be continuing into a position where you are totally reliant on the engine picking up instantly to get you out of trouble?