Hmm,
if you do find yourself in the unlikely position of having to CIRCLE (in poor wx conditions) with an engine out in a light twin (not an airliner)...would respectfully suggest that you leave the gear and flaps UP until you are in a position to begin your final descent to the runway, from the circling maneuver, ie: downwind or base leg. The only exception possibly would be with a light twin with very good E/O performance ie: Cessna 441, for example.
To do otherwise is foolhardy, IMHO.