Sedbergh,
I fly PA34 Seneca aircraft and we often practice engine failures after takeoff (usually at about 200' AGL) and they are, by necessity, perfectly managable. Speed control is important though - if you drop below Vmca (minimum control speed with one engine inoperative), you run the risk of not being able to maintain directional control, even using both rudder and ailerons. At altitude you could pitch down to speed up again and thereby get control back but you'd have limited options near the ground
V1R
