212man, your recollection of the Bulldog turnback drill isn't quite correct. (I still have my QFI CFS lesson plans and copy this directly from them):
Under the "Stalling in Manoeuvre", Advanced Turns (2).
(6) TURNBACK (n.b. This being the final part of the lesson)
LOWER NOSE TO 80 KT ATTITUDE
SMOOTH AND POSITIVE 45* ANGLE OF BANK
LEVEL WINGS ON RECIPROCAL
FLAP A/R
MIN HT 350' AGL.
I think at Vy you might well come a very nasty cropper, hence this being included in the "Stalling in manoeuvre" sortie.
Yes, we used to practice them and be standardised on them; I used to brief EFATO drills for every takeoff and although the turnback option (or not) was included in the brief, I would be reluctant to do one for real if there was any other option.