The opinions on this thread largely agree with my own experience (36 yrs) in military ME.
FIRST FLY THE AIRCRAFT. If that means automatically dumping the collective to retain rotor energy, then do it.
There are very,very few airborne emergencies that require instant action.
Then figure out what has or is going wrong.
Then carry out any appropriate vital actions.
You then examine the options open to you - anything from a controlled crash landing to a leisurely RTB.
But all of the above can only become instinctive with PRACTICE. OK, sim slots might be a pain in the butt; however, familiarity with emergency procedures enough to impress the trappers is a great confidence boost to not only yourself, but to the crewmen who fly with you. It's all part of teamwork.