Nomde,
chances are a major mechanical fault is going to be one that has a hell of a bang, so you probably won't need to confirm much.
The gear up flaps up thing is a bit of a misnomer. Subsequent training/experience (tho not as extensive as many here) has taught me that If you are in the take-off phase and the airframe isn't cleaned up, or your speeds haven't been reached, then you are a single engine...Close both throttles and land ahead....at least you have control and can concentrate on your crash.
If on approach, you are going to continue the approach anyway regardless of alt. The only difference is going to be how much time you commit to getting that prop feathered.