The in-cockpit dialogue might go something like
(ba-bang)
Pilot "We've lost power, pulling up"
pause (Nav would wait till climb established - some crews might have the pilot say "ready for checks" or the nav might ask this).
Nav "Check rpms" (no rpm gauges in rear cockpit)
Pilot" zero on the left - seized, the right is at 90%, unstable"
Nav" suggest we jettison"
Pilot "roger, punching the tanks off"
(Thunk as tanks come off)
Nav "Safety altitude is 6,300 ft. Steer 050 for Lossie, 52 miles"
Pilot"Roger, coming starboard 050. Get the cards out for the drills"
etc.
Duncan's version makes better telly though.