It shouldn't take an entire turn in a holding pattern to complete an engine failure check list so if you have radar contact just get a momentary vector to make life simple. If you are in a valley with no radar don't wander into terrain but hold. We had a 727 lose an engine right after takeoff at Guatemala City heading west into terrain so they did a 90/270 and landed VFR. The engine out procedure would have taken him over 30 miles to complete. I asked the captain what checklists he did? He said the appropriate ones and smiled.