Hmmmmm, Don't know about anyone else but I would prefer an engine out at 5,000ft any day. Gives you oodles more options and a chance to relight the fan.
Of course, I'm not arguing it's safer, just that it's simpler because the options are so much more limited and there's no chance to change your mind, which is often the cause of a screw-up in the first place. Sort of perverse, I know, but that's how it feels to me.
As for practicing PFls from 5,000 feet and aborting at 500 feet, you still don't really know if you'd have got in or not.
QDM