Many, many years ago when I was a Cadoodler in the Navy Air Corp,  we flew 
he
N2S Stearman at Primary.  We had a small field procedure as I think they 
called it, but we trained so that no matter where we lost the engine we could 
make it back into the field on the duty runway.  Downwind it was a normal 
procedure by staying in close on base.  Going upwind we would make an "S" 
Turn back to a close in Base and then normal glide to a landing.
What I am saying is this,  never turn your back on the runway.  "S" turns are 
very handy, not only with a small aircraft but also the Big One's.
Example:  No. 2 for landing at Los Angeles on 24-R and the tower comes and 
says you are to close to the landing traffic which is No. 1.  It's visual and 
you ask,  can I try some shallow "S" turns.  O.K.,  fifteen degrees to the 
right and thirty degrees to the left and back to the LOC. and the seperation 
has been made without a go-around.
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