Well you and your collegues should be taken off line as far as i`m concerned if you need to ask such a question. In the event of a go-around you follow the missed approach procedure unless told otherwise by the tower.
You brief it so if it happens we all know what we are doing...same song sheet and all that rubbish.
So to even start dicussing wether to climb or stay level and what power or speed or what config to use in your question about some non-standard orbit is a waste of time.
The tower would have no idea of your intention, neither would the PM and niether would any of the other traffic on short finals behind you. If you excute the published procedure the PM knows the drill you also have rehersed this STANDARD MANOUVER and all the other a/c on the frequency will also have an idea of where your aircraft will position to in this case. How can you orbit anywhere in Europe on a 3 mile final after not being able to make a landing even if it was allowed it would not be possible due to the volumes of traffic.
And with regards to companies and SOP`S then what you describe falls out of all the realms of SOP and no company would ever even talk about this as being an approved procedure or write a manouver diagram to depict what you suggest. Its when people start to become non-standard like this that problems start to arise. You read it from your chart you brief it you set your FMC and nav aids in order to help you execute it and if it happens for whatever reason you follow it. Its a STANDARD MANOUVER.
Over and out and fly safe