Multi Engine training

I've often said Multi Engine Flying is a thinking mans game.  Meaning we have many decisions to make flying light twins, often with a moments notice.  The decisions made will come from our experience, training and our preflight planing. 

One problem that often creeps up is a maintenance problem with one of the engines.  It hasn't quit yet, but its running hot or rough or maybe oil is leaking from it.  What do you want to do?  One option maybe a precautionary shut down.  How would you do that?  Often the AFM/POH isn't very clear on this but you can always use the procedure you have used for any engine failure.  That is Power up, Clean up, Identify, Verify, Feather and follow up with the shut down checklist.

Another situation maybe an engine failure on short final.  Again, there may not be an easy checklist to follow.  Would you power up and feather the dead engine or just power up.  Tough call.  What procedure would get you safely to the runway without distracting you from landing the airplane?  Like I said, it's a thinking man's game!