Congratulations "eagle 737"! What an interesting hornets nest you've set off. First and formost you should be commended for THINKING as opposed to being an FOM/POH/AFM junkie. Todays airline training syllabus is more or less geared to the lowest common D. Japan Airlines is a classic example of what you get when you don't allow thinking outside the box. In Anchorage AK we used to watch the JAL 747's make numerous visual approaches to the no ILS runway - you could hear the power go up then back to idle then back up then back down followed by a miss. They were simply out of their element. Remember YOU are the Captain! An engine failure IS an EMERGENCY--Declare it! Handle it as you see fit--You have the authority to deviate from any Regulation and proceedure to deal with it.