After a loss of thrust on both engines you will loose the CM2 flight instruments. Therefore the CM1 becomes the PF. I would suggest to accomplish the recal items as they are stated in the QRH before attempting anything else. You will have to turn on the APU anyway in the NNC.
Off course there is a big difference between a LOTOBE at 35.000 ft and at 3.000 ft... In both cases it is the Captain's duty to determine the safest course of actions by using all the informations that he owns.
For what concerns the hydraulic pressure, in the sim the windmilling effect provides enough pressure to maintain a good control of the airplane.