The accident record show engine fires in GA aircraft are very rare. The single highest cause, by a wide margin are fires that are the result of exhaust system failures in turbocharged aircraft which allow hot exhaust gases to vent directly onto an unprotected aluminum structure.
They are also heavily correlated to inadequate maintainance. The good news is in all of the accident reports I have read the fire immediately went out as soon as the engine was shut down and the fuel and ignition turned off, therefore the accident/incident record would indicate that the most important pilot action is early recognition and a prompt shut down followed by a normal forced landing. This was exactly the case for a friend of mine who experienced an EFATO engine fire in a C 421.
While you obviously do not want to dawdle getting to the ground you still have to set up a survivable forced landing, which will obviously be harder if you start trying to transition to the forced approach profile low to the ground doing VNE.
