gismo
Touchdown! Greaser!
Personally, except when losing one engine very shortly after liftoff (i.e. close to the ground), closing both throttles when one quits seems like overkill even if the plan is to land straight ahead. Of course if the best landing area is close, you want to get rid of all thrust to help you get down as quickly as possible but otherwise leaving some power on the good engine will allow much more control of airspeed and descent rate than you get with both engines off. And in most light twins I've flown, at 70% power or less Vmc will be substantially lower than stall speed.I got my ME in the summer, and my pre takeoff brief in the seminole for an engine failure anywhere below pattern altitude was to pull back both throttles and treat it like I lost both engines. That particular aircraft couldn't climb at Vyse in those conditions, and the temptation to try and keep flying even as the airspeed is decaying towards Vmc is strong. I figured it was better to maintain control of the airplane even as I landed off-airport.
As the weather cooled my plans changed.
It always comes down to knowing the aircraft and the current conditions - the only "always" rule in flying that I know of is that you should ALWAYS think before you act.
I also don't see a problem with attempting to fly on one engine (at full power) as long as you can maintain Vyse if the terrain in the immediate vicinity is hostile. IOW I think a competent PP-AMEL should be able to keep the plane right side up without removing the asymmetrical thrust simply by accepting the loss of altitude necessary to stay in control of bank and direction.