Thats a pretty good brief you have come up with, and is more than acceptable.
If you ask 50 different pilots you'll get about 55 different briefs.
I would modify it a little, but as I said, its fine as it is.
I would say something like:
Today I am flying a Duchess. VMCA is 65 knots, Takeoff safety speed is 80kts, and best rate of climb is 85kts.
For an engine failure prior to rotation I will close both throttles and stop on the runway. *You may not be applying even braking*
My decision point today is selection of gear up.
If I have an engine failure prior to the decision point, I will land the aircraft on any remaining runway or any clear area ahead. *I would mention options, eg if there is golf course not far from the runway*
If I have an engine failure after the decision point, I will maintain control of the aircraft. When under control I will select Mixture Up, Pitch Up, Power Up, check gear is up and select Flap Up. I will identify the failed engine, using Dead Leg/Dead Engine, confirm with the thrust lever and feather.
If the aircraft is not performing adequately I will land in any clear area ahead.
If the aircraft is performing adequately, I will......
This is when the crux of the real briefing comes in. For a nice VMC day your concept of doing a circuit is a good one. When IFR, the brief concentrates more on the IMC threats, just as safety height, SID, obstacles, will you meet minimum gradient and return options etc. The IMC brief is another subjective one
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As you get more experience and move out of the training environment you'll find the basic engine failure drill gets abridged a fair bit, however even if you don't actively brief these items, make sure you think through them before takeoff.