In a previous life I was the Director of Operations and Check Airman for an FAR 135 check-hauling outfit. This after about 2000 hours in the C401/402 series. Not counting Twin Commanders, Navajos, Queen Airs, Barons and Beech 18s.
When flown by the book, the 401/402 will do a better job than most any other piston twin on one engine. When training new pilots on the type I spent A LOT of time on the ground, in the cockpit, hammering the engine out drill.
1. Pitch level and stand on the rudder
2. Both throttles full forward
3. Flaps up
4. Gear up
5. Identify
6. Verify
7. Feather
8. Speed Vyse
Afterwards we would go fly. After the first hour, which was used to just get familiar with the a/c, the new guy almost never flew the thing on two engines again. That he EVER had two running was primarily due to the fact that he had to demonstrate a normal ILS on the check ride.
My new guys never got less than 10 hours of single engine work, ILS, circling approaches,
non-precision straight in's, engine cuts after lift off, on crosswind, downwind and final, on the runway, the whole nine yards!
For most of them it was their first "real" flying job. They came to us with 1200 total time and maybe 200 hours of multi engine experience. The best sticks all had experience as multi engine instructors.
They all got the same drill for their IFR re-current as well.
The cost of cracked cylinders was enormous, but cheaper than loosing a pilot!
We had some failures, but never lost a pilot. One guy had a total electrical failure in hard ball IFR wx at night. He whipped out his cell phone, got the number for approach control from directory assistance, and then got vectors for an ASR approach, with only needle, ball and airspeed, while somehow holding a flash light! Another had the bottom skin peel off the outboard left wing after dodging thunderstorms (a little too close I think), and landed without incident. When we got there two hours later he was fast asleep on the couch. We had several engines quit. No problem. The pilots just flew the airplane and got it on the ground. I've never worked with a finer bunch of guys.
Most failures were of the partial power type. Engine driven fuel pumps (an inop electric boost pump is a no-go item), turbocharger/waste gate failures, or mags grounding out. Nothing really critical.
We flew the airplanes hard. They were never designed for that type of service.
My BIG RULES were as follows.
1. NO INTERSECTION TAKE OFFS (grounds for immediate dismissal)
2. Do not attempt a single engine go around with the gear and flaps hanging out.
3. Never start a single engine approach if there is the possibility of a miss. Go somewhere else.
4. Never get below blue line until you can glide to the runway.
5. If ya gotta crash, do it at an airport where they sell alcohol. Airports like that always have fire trucks, and you may want a drink after talking to the FAA.
I hammered it home that EVERY take off we did was at max gross, and to plan accordingly. Study the performance charts!
My point is that a well trained, emotionally mature and proficient pilot can handle just about any inflight emergency, if the airplane is not flown out of limits.