True, but I doubt a small operator will have electronic flight manuals with the sophisticated hyperlinking that we have just recently achieved at the largest airlines.
I've flown both the DC8 and DC9 and those checklists weren't any shorter than what we have now. They were less well organized, too.
The methodical checklist disciple approach works best in most situations. There are situations, uncontrolled fire/smoke or dual-engine failure come to mind, when you have to put the checklist down and land as quickly as possible.
A 737-200 will fly all day long with one engine shutdown--until that one engine also fails. The question that we need an answer to is at what point in this flight did the crew know that the second engine was also compromised.