100% Do stay calm. I would never elect to land in a tailwind. I am not saying its not all unsafe, but I wouldnt do it. How on earth do you maintain your ground speed and ROD? Even if you throttle fully back? Or are you talking about a 5 Kt tail?
On 727, you select F25 then F30 or F40 when you are visual. Any large flap retraction on GA would result in serious trim problems