I like your engine out approach.  Its similar to the old Air Force flame-out approach scaled down for slower airplanes.

Its my understanding that once the engine stops (TSIO 550), you can only change the prop pitch while the oil pressure lasts.  Therefore, my engine out procedure begins with:  1.  Pitch down  2.  Pull prop  3.  Pull throttle(if engine surging)   4..........

Just a suggestion

Bill Hogarty