Airbus has a "Immediate VMC LDG following eng failure on t/o" proc in PRO-ABN describing configurations, track and timings. Visual approach for us requires min 800 RVR and circling CAT C 600 feet / 2400 VIS.
In case of immediate return after take off I would suggest you need to maintain visual with runway / approach lights. In any case, if you declare an emergency it's up to you as PIC to decide what the safest course of action is.
CP