went to a CRM training seminar and this was the prime focus... i dont have any 4 engine time but it would be my assumption that in this case, you would cut off the bad engine and once it is secured, bring it back up and continue to control with all four levers (even though the one is dead)... it allows you to have the normal controls and to maintain a standard approach
this, spokane, teterboro challenger of '05, and the learjet crash at groton are all perfect examples of what not to do