Leave the Gear Alone
The book, and several accidents, have conclusively demonstrated that if you are flying single engine, and you cycle the gear, during the time that the gear is cycling, the gear reduces your climb by 250 FPM. Since climb is anemic at best, during the time you are cycling the gear, you will undoubtedly lose altitude.
There was an accident I remember reading about where, right after take off, single engine, the gear was raised. The plane crashed.
So, in the event of an engine failure, leave the gear alone. If you are at altitude, make sure you have plenty of altitude and time to get the gear down. If you are at take off, leave the gear down. If you have runway ahead, land. As kevin has said, it's better to go off the runway straight ahead at 20 MPH, than risk having a second failure.
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