There are basically two approaches: one is to orbit until at what appears to be the right height / aspect ratio and then fly the part-circuit to land, and the other is to turn into the wind,
I dont necessarily disagree with you (especially if already on glideslope on an into wind final towards the proverbial billiard table) but my instructor always maintained that the best initial manoeuvre was to turn downwind since you covered more ground which gave you an increased number of landing alternatives. Of course every case will be different depending on what is below you and its relative bearing to the aircraft and the wind, but I suspect that if the fateful day ever came, my natural inclination would be to "hug" any good looking field and go for the spiral descent option.