It might be useful to revisit your definitions in any case ...
John T:
I think I understand the problem here. In the US, slips are defined exactly as described by pattern_is_full. (FAA
Flight Training Handbook) Sometimes people aren't aware that not all countries of the world use exactly the same terminology to describe things though. In any case you correctly point out that a slip is a slip aerodynamically speaking...
With respect to an engine failure after takeoff and still at low altitude, I agree with previous posters who suggest that getting the nose down without delay is first priority. Fail to do that and the rest is just academic. From 450' AGL, you'll be on the ground in less than 30 seconds so there's little time for niceties. Use as much flaps and slip as necessary to get to the landing spot with as little maneuvering as possible. With no power available, getting slow may leave too little energy to check the (steep) descent. I wouldn't recommend a speed any slower than book short field landing speed. At around 60 kts at 50', there won't be much energy left by the time you get the nose up to a landing attitude. And not much margin for error either. On the day, you'll just have to be up to the task. Best to practice this at a safe altitude beforehand so you'll at least have an idea what to expect...
westhawk