Vilters,
I agree with what you say (see post above). However, forget about looking at the ASI! If you are unable to fly by attitude and feel, you are unlikely to be able to walk away from this scenario whatever your cockpit emergency routine is.
Also, EFATO at 450 feet in a PA28 is a lot different to the same height in say a Piper Cub. Whilst decisions are similar, one offers more time and better prospects than the other. Point is, no two EFATO are ever going to be the same for all sorts of reasons. I guess that's kind of what you were saying though wasn't it?
SS