I agree with most of the posts above. I don't see going-around OEI in a light twin as an option.
Accident statistics show that fatilities are more common after an engine failure in a twin than in a single. The solution? See twins as singles with better glide performance. In an OEI situation, do not select anyhting that increases drag unless you really need it (you'll need the gear for touchdown, but you probably won't need flaps in most cases) and keep in mind that you're just about commited to land once you select it.
To answer your question: If I would need to do a single-engine circling in real life, I would leave the a/c as clean as possible during the approach, selecting only approach flaps depending on the situation. While circling I'd consider selecting gear down while on base or in the final turn depending on travel time in the type involved.
The FAA published two interesting leaflets on this subject in co-operation with the GA manufacturers. They are
- Always leave yourself an out , see
http://www.flyboy.nl/fltsafety/APP-8740-25.html
- Flying light twins safely, of which I only have a paper copy
Capt Stable,
I've been taught that (and I believe the linked document mentions it as well) for most light twins Vmca is actually lower with gear down.
Erik.