Noddy,
I was about to say the same thing to the big boss. We must work for the same company. Although it's probably a company rule, I imagine it's based on CAA guidelines, so any four engine jet (or flying hairdryer in our case) must have more leeway.
Also, we do not lose our CAT 3 status for the paltry loss of one engine (sorry, hairdryer). Pish!
Interesting question but, as is being demonstrated, there are too many variables to answer it precisely. In the main, though, I would agree with the majority. Don't bust minima and risk a serious accident: Far better to defend the death of one passenger with the ANO and SOPs in black and white in your favour, than the death of many trying to be hero! At the end of the day, on top of everything else, we are not responsible for everybody's health problems.
One thing nobody has mentioned, though, is do you at least make an approach, or two, (pushing the boat out here) or do you just go straight to your alternate and save time?
I presume that this question would mainly be aimed at long haul hopefulls because I don't know of any commercial airports in Europe that would be two hours away from the nearest 'landable airfield'. It would have to be one hell of a fog bank!
------------------
Be good to your kids, they'll be chosing your retirement home!