Some wise answers here.
When flying around critical terrain, always have your Engine-fail escape route ready and planned-for is an advice that I have been given years ago, and follow. Although the Engine-fail procedure is theoretically only valid when your failure happens at V1, it IS the procedure with the best margins, PROVIDED THAT ATC IS ADVICED AND AWARE. THis can't be stressed enough.
This is a good discussion so please don't hold back, give your opinion, be advicate-of the-devil (like I often play by suggesting "alternative" views) and we'll all learn.