For me, the check list is the fallback position once you have checked what you think the problem will be, and setting up for the glide should probably be going on sub contiously. But unless your mind is absolutly elsewhere, (like in your ipod music or talking book!!) it really does depend on how the motor stops.
I was trained that everything red goes off in an engine failure, presumably to lessen the chance of dammaging the expensive engine more or blowing the aircraft up when you "touch down". But this was really training for the student flying your plane, or someone flying an aircraft they have no knowledge other than what is printed on the laminated A5 page in the cabin.
Engine starts to choke, in the real world, check your fuel taps are on, but make damn sure your nose is aiming for 60kts as you do it.
Even in aviation, it is usually the simplest explination, I have found.
I have also found that the deciding factor in any situation is hight! If my motor coughed in a mustering turn, it would be flattened out and on the ground before I could take the next breath. Aviate is always the first. Fly, or land, the plane, and everything else comes second, even checks.
May I also say, on a side note, that if you are mechanicly minded and do your aircraft maintenance your self, or annoy the person doing in by hanging to them like a bad smell, you just know what is happening to your ship. And when you don't, you make it your business to find out. Something I missed in my short stint with GA ships.