If it's late in the approach the decision will almost always be to land, with the caveat of limiting field length as stated above. It's always something you should have in the back of your mind.
As far as drills go, do only what is essential and safe and does not detract from flyng the aircraft. Sometimes that might be nothing, other times it could be the whole drill, but it is almost impossible to legislate.
In essence - stop the bell and cancel the warning - that lets you fly with minimum distraction, then do the rest when you are on the ground under control.
Remember - a perfect set of drills is useless if you fail in the primary objective of landing the aircraft safely!