One step at a time.
One never "knows" if or when an engine will fail.
Take off, accelerate to best climb, and clinb out.
Somewhere , somewhere, nobody knows "when", the engine fails.
Step ONE : You are too late.
By the time you realise what's happened, 2 seconds are already gone, and you are 5 kts below best climb speed.
THIS is your starting point when the brain comes alive. Flame out altitude minus 50 ft and minus 5 Kts of best climb speed. (best case scenario)
-------------------------------------------------------------
Step ONE : AGAIN, first reaction from the trained brain. LOWER the nose, do NOT stall. => Altitude = minus 100 ft.
Step TWO : Now that you have limited forward visibility => Where to go? => Altitude = minus 200ft.
Step THREE : The airplane is broken anyway, who cares, but "we" have to survive. => Decision time => Land it in, or controlled crash it in, depending on "what is in front of me?" => Altitude by now = minus 300 ft.
Step FOUR : How do I get there? => Prime at this altitude in MAINTAIN controlled flight and NO BANKING => If Flaps, go full flaps ASAP to increase low speed controllability and increase the marging to stall speed..
But if we started out at 450 ft? Sorry guys too late, its time to flare.
I seriously wonder if you have time to start a slip, get out of the slip, and flare. And you have to do it automatically, as you can not drift your eyes away from the airspeed indicator.
Flap handle, fuel cut-off, magneto's, battery. All switches done with eyes on the airpseed indicator.
MOST IMPORTANT is a controlled contact with the ground, at the lowest forward speed and under POSITIVE control.
If required, and within a few degrees, aim the fuselage between obstacles.
REMARK : Trees. Avoid trees with your wingtips, as cartwheeling around usually ends in disaster.
If you see a forest in front? STALL the airplane above the densest tree collection.
Long time ago, we did ALL spin training above a forest, never over open ground or water.