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Item 1
Yes, the manual makes it clear that in most cases of engine failure at take-off, discontinuing the takeoff is usually the best practice. It's certainly the case if there is adequate runway left to both land and stop the aircraft. Note my emphasis, since I assume that your term "runway remaining to land on" means long enough to stop.
At full gross weight, most Skymasters (certainly the normally aspirated ones) have anemic climb rates on one engine. In a one-engine-out-during-takeoff emergency, with insufficient runway available to land, it is critical to do things in the proper order and do them fast, but without mistakes. My drill is this:
a) Immediately go to best climb speed
b) Identify/verify bad engine
c) Take a second to see if the aux fuel pump fixes the engine*
d) Feather the prop of the bad engine**
e) Close cowl flaps of bad engine
After these steps, you have time to decide other things. The gear up or down is not terribly important (at 90-100 MPH drag with gear locked down is minor, and the extra drag of raising the gear may be counterproductive). Flaps can come up gradually (see item 2 below).
The asterisk on step c) is to identify this as an addition to the manual recommendation. In short, it's my idea. The aux pump may correct a failed mechanical fuel pump or a fuel vapor problem. The double asterisk on step d) is to identify this as a most critical step, because in the frenzy of an emergency it's easy to feather the wrong engine prop -- and then you're doomed. So I practice taking one extra second to absolutely, positively confirm which is the engine prop that needs feathering.
Item 2
The manual makes clear that takeoffs should be with 1/3 flaps. It reduces takeoff distance 10% and gives you a lower (better visibility) attitude on climb. Moreover, the manual also states that on a one-engine-out-during-takeoff emergency the flaps be raised gradually after feathering prop, another indication that 1/3 flaps should be used.
Ernie
P.S. On item 1, I have done both: put it down when I thought there was adequate runway left (I was wrong by 20 yards, with dire financial consequences) and kept flying (doing a go-around) on one engine when there was insufficient runway.
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