Whilst there is always a chance of engine failure, the chance of stuffing up a glide approach in a heavy single is a greater risk.
It is much harder to constantly change your approach to arrive over the runway from different angles. The glide profile would be very different for different wind and operating weight and the rate of descent in big singles would be difficult to cope with.
This would be the only way you could ensure you'd glide to the runway from anywhere without compromising runway performance.
I believe this would lead to more accidents on landing then flying a stable powered approach.
If you don't have a 207 at your disposal take a bonanza or lance for a fly at max weight and do some gliding and see how close your circuit would have to be to make the runway, especially considering gear and flap on base and final.
You could even go further and say at idle you could get a suprise when you suddenly need go-round power and it coughs and splutters because its gone cold and fouled up.
Its much easier to just have off field options as you proceed round the circuit that you can easily reach without trying to stretch for the runway. The amount of successful landings on golf courses and similar in the past is testiment to this. The number of accidents by pilots trying to stretch a glide or turn back after take-off also say alot for techniques believing you can or have to make the runway.
In short if you can make the runway easily, go for it. If its doubtful or marginal then land somewhere else. If you are a student have a long chat to your instructor about it.