The anwer to your questions regarding the legal requirement is covered above - there is a legal climb requirement at MTOW but as you know the realities of situation are pretty sobering.
Practicing engine out after take off at 200' has led to deaths in Australia, and is not done.
I did my Duchess rating 2 years ago, and loaded nowhere near MTOW on a slightly warm day ( perhaps 28 deg C) at 2,300 feet I could only achieve straight and level and perhaps the most subtle of climbs ie 20 fpm.
Its generally taught that if you cannot achieve immediate control with straight and level flight at low altitude on EFATO then the glide ahead shutting down the active engine is your safest bet by far. At least the crash will have some control.
(Having never been in this situation but..) if the gear/flaps are up and with rudder authority and max/RPM in the operative engine and dead wing up/nose level, you will know immediately ( within 2-3 seconds) if you've got a workable aircraft or not.
Last edited by Mimpe; 31st May 2013 at 08:52.