Any fire warning is a major Mayday emergency. If the mechanical warning is backed up by calls from the cabin that there is a bright orange glow outside, even after firing all your shots, you have a major Mayday-plus-plus problem. The solution is put it down NOW. Not a nice circuit and complete OEI drill, but now- any runway, large empty road. I know an 80 degree course reversal, at low level, one one engine, is a highly dangerous (and difficult) manoeuvre, especially when you are trying to line up again, or a low level OEI circuit is similarly extremely risky (I didn't discount the danger- my post said <<Maybe an 80 degree low altitude course reversal/land back on reciprocal, on one engine might be pushing one's luck a bit, but I think there is a case for training>> I do recall there have been cases of both low and high pressure Fuel Shut-off valves (which are both in the strut/engine casing) being destroyed, though I can't recall exact instances. At such a time, you would literally have just a few minutes at most only.
Does the panel think we should, when the circumstance demands, be far more 'get on ground soon as poss' minded and perhaps practice such procedures as one engine low level circuits or low level 80 degree course reversals at the end of sims, despite the risk they inherantly are?