A large majority of PPLs will squander what height they have trying to remember all that's involved with investigate/rectify, usually at 100knots and a 1000fpm down, missing numerous ideal fields along the way. This leaves them with much less time to get it right and far less options. Over the years I've worked at a dozen different schools and, almost without exception, PFLs are usually carried out at around 2300 to 2500 on the QNH (being the most likely altitude for the occurrence) with the first actions being trim for best glide, assess wind, pick field and plan an approach. Only then are restart checks carried out. Otherwise, by the time they've fumbled through trying to find the cause and half remembered the mayday call, they run out of options and are usually too high or too low for the field that was picked in a panic.