IIRC the SE service ceiling of a Twin Comanche is about 3800MSL

You don't recally correctly, it's 5800. It goes down to 3800 if you
get the Robertson STOL kit - but that's because of the 200 lb gross
weight increase.

The second engine, on failure of the first engine, will only lead you to a
landing location, not necessarily of your choosing.

My experience differs. When the left (critical) engine of my Twin
Comanche failed (due to undetectable corrosion in the fuel servo) the
remaining engine took me to a normal landing at an airport. Had I been
in a single engine plane in the same situation, well, let's just say I
was over Arkansas and there was an avtive airmet for mountain
obscuration.

Michael