The subject of Engine Failure on Final Approach for the Classics and NG are comprehensively covered in the 737 Flight Crew Training Manual under Chapter 5 and in my out of date (October 2006) manual at page 5.20 and 5.21. There are always lots of personal opinions and rationalisation - but generally it is best to stick to the manufacturers recommendations in the FTCM. The legal profession will use the FCTM to hang you if you deviate from recommended procedures and you bend the aircraft or hurt someone.