Going to start this reply with the caveat, "Not every situation will be the same."
Very good point by Delta T (and in no way detracting from the OP's intent) in that you won't keep it under control below Vmca. You need to increase speed (most often by lowering the nose) if below Vyse, so if there is runway remaining, it would be wise to get it back on the ground. In between, you are in dangerous territory.
I would suggest that even going through the fence at 20-30 kts will have a much better result (ie. Less likely to kill yourself, disregard aircraft damage, that's what insurance is for) that trying to continue flying low and slow.
There is conjecture about utilising balanced field lengths when flying FAR23 certified aircraft with regard to a desicion point. Decision speed is therefore an alternative. FAR25 (heavier transport category) are guaranteed performance. FAR23 only guarantees control in the event of an engine failure.
Suggestion however wrt throttle confirmation of failed engine. If the engine is still producing any power (evidenced by a last minute change of noise during the final portion of the throttle closing, it is still in a better state than feathered. This will be more easily detected by slowly confirming with throttle rather than belting it into the closed position. A turbo failure for example will still produce ~75% power normally aspirated at sea level in a PA-31, but still give a noticeable yaw when the power reduces, possibly inducing the pilot to initiate a complete shutdown.
Again, not a one size fits all discussion.