I am a mechanical person and I have been wondering if it would be more safe just to leave the gear down, if one wants to do touch and go's in a complex airplane. I worry about cycling the gear as a wear item especially with electric gear motors and such. However, there may be a downside to that as well.
With regard to your experience with the engine... I doubt I'd have done more than plan for an off-airport landing. At 700'agl.... outside the plane is the place focus your attention. Hats off you guys solving the problem and getting her down safe. I guess the question is.... what would you have done if you had been alone or what you would do as a result of that experience if something like that happened again?