Drift Down
Without having a PA31 P-chart in front of me, I suspect that the initial loss of altitude would have been involuntary, because even in a brand new a/c with expert pilotage, and the live engine going max-continuous power at blue line, there would have been descent from 7,000' down to the single engine ceiling.
Once there could the a/c maintain level flight?
If yes, next question, would you be happy to cross suburbia on one engine assuming that your remaining good engine is OK?
Mind you, thousands of single engine a/c fly over suburbia around the country without much fuss. Mind you, with the encroachment of suburbia around GA aerodromes, there aren't many places to put down if it does go pear shaped.