Just for general info: I did my initial multi at a Moorabbin based school in '09ish and at least then, this is what was being taught:
Blue line speed = decision speed so there is no 'in between zone.' Failure below: close both throttles, land. Failure above with sufficient runway: close both throttles, land. Failure above without sufficient runway: go through the checks.
I was also taught to keep the gear down until there was insufficient runway remaining to land.
Seemed sensible enough to me at the time.