This is a great question, and certainly one that most of us who fly single engine IFR have pondered.
Many of the engine out procedures will remain the same (best glide, restart, communicate)... except picking a field to land. ATC might be able to help with a vector, or ideally, the pilot has been paying attention to nearby airports and can turn direct to one of them.
In many light GA planes, the artificial horizon and DG are vacuum driven. If the prop stops rotating, the vacuum system will go down too. So, a good cross scan of the TC becomes critical.
For the approach to landing, unless the plane is a motor glider, it is not going to be able to descend along a glideslope, so a proper ILS is out of the question. (At 80kts, a standard 3 degree glideslope is about 425 fpm, and most light GA planes descend around double that rate in a glide).
IMHO - GPS would play a critical role in establishing/calculating a descent rate that arrives exactly at the airport elevation upon reaching the runway. GPS can also help locate other potential landing sites (road/highway, parks).
If an airport is not in the area, and an offsite landing is imminent, then I believe the next question is about the local terrain and the cloud bases. If you know there will be VMC underneath the clouds (example 010OVC), and you know the terrain is flat (ie Midwest corn fields), then I would consider carrying extra speed in the descent so that I have a bit more energy and (hence) glide range once popping out of the clouds.
If the clouds are low enough that there is a good chance of hitting an object (tree, ground, homes, etc) while still in IMC, then I would want my forward speed at absolute minimum, just a few kts above stall.
If the conditions are somewhere in between, then I would just fly best glide and hope for a few seconds of VMC after popping out of the clouds.
Of course, Cirrus pilots would just pull the Chute...
In my private pilot training a major component was studying what to do if your engine failed. There was all sorts of practice in picking suitable landing spots, engine-out landings, procedures, etc.
Then I did my IFR rating. The PTS doesn't even mention engine failure -- it is as if once you file IFR a magic fairy keeps your engine running.
Does anyone have any links to any good articles or discussions on what to do if you lose an engine (in a single-engine plane) while in IMC? How about over a layer?
Chris