this is a real scenario for day to day flying. if you look at the stabilized approach criteria, it is clear that once you are visual on approach, you have to stabilize by 500' HAT. hence assuming that you broke clouds at roughly 1000', it is still okay to try and regain your profile provided your configurations allow that within the limits specified. thereafter depending on the assessment, GA might be initiated. however, do follow company SOP if it clearly mentions GA on four whites.
as for non availability of PAPI, it might make it simpler as you only need visual assessment of the point of touchdown. however, airplanes such as b737, a320 may not be regularly operated to runways with inop PAPI or VASI.