50% N2 (NG) / 56% N2 (Classics).
Just my twopenneth, but unless you are familiar with shutting down & relighting engines I would do it in a slow and deliberate way from the checklists. QRH - Engine failure & shutdown followed by In-flight start checklists. Especially as you have another non-normal config to deal with.
It may sound slick to cut the fuel off, allow the engine to decay to the point where the LGTU kicks in, retract the gear and put the fuel back in; but the aircraft will be quite a handful during all of this. Do it slowly, methodically and safely.
I stick by my original post that there would have to be no alternative before I got to the stage of shutting down a good engine with pax on board.
S&L