I think too many are missing the question asked, maybe simplified:
- solid IMC
- sea level airport, MSA 5000ft within 25nm
- predicated SID and company EFATO procedure
- just after the commencement point of EFATO procedure THEN you lose an engine (being fair a simple failure).
Watch ya gonna do, decisions ya gonna make, Sully, in the next 15-30 seconds regards your tracking??
Bear in mind few companies - probably most - will not provide crew with anything more than an EFATO procedure and only that because the insurance (apologies, regulators - silly me!) require it.
Cheers.