We don't cruise at heights less than 500 feet AGL when things are low stress and normal. Why would we then do it during high stress situations?
Some have even advocated that during night and/or bad weather.
Have we lost sight of the basic rules of thumb we have generated over the many years we have been doing this helicopter flying stuff?
Are not Engine fires in somewhat the same category as Lightning Strikes in frequency of occurrence? Why add other risks unnecessarily?
Accelerate and climb to a safe height....fire both your bottles and then decide what to do then.
If 500 feet is considered minimum safe height during normal operations....why is lower than that safer during an emergency situation?