What is important is that whatever you choose to do (dictated by ac, wind, terrain, experience etc) is pre planned and pre briefed. Should this ever happen for real you can't expect to cuff it. eg at my nice flat lincs military a/f immediately after t/o, use the remaining r/w; once that's past whatever is in the forward segment of my windscreen into wind; once half way round the upwind turn, continue the turn to the a/f. If there are two pilots on board, no-one should be in any doubt who will do what - if this ever happens for real there will be no time for discussion!
1. select the gliding attitude aggressively
2. select somewhere to land
3. select flaps as appropriate
4. anything else (cks, r/t etc) is a bonus
just some more thoughts!
dh