So I flew a bit this morning -- cool, clear, calm -- perfect tube-and-fabric weather! Had the airplane started up and rolling down the taxiway by 0715 -- air was smooth and cool enough for nice lift. I flew around for about 30 minutes, practicing steep turns, turns about a point, slow flight, and low-level flying over the remote hills near the Mon river. I climbed up to 1000' AGL and did some more airwork on my way back west. I decided to test out altitude loss with power-idle, 180 degree change of course. I entered each at 60 MPH in a climb (standard Vy climb out speed), reduced power to idle, waited a moment (simulating recognition delay) and then commenced turning. At 60 MPH in a steep descending turn (about 60 degree bank) there was little G load. I let the speed build after the 90 degree point was reached, then levelled off at 180 opposite heaindg. Tried it a couple of times -- 300' altitude loss. Of course we all know it takes more than 180 to head back to the runway, but as far as I am concerned, pointed towards the airport = landing area. There is lots of level grass on the field not found around it (Wal Mart and water tower on 300' hill immediately south, prison to the north, town to west, hills and steep valley with stream to east). I takeoff from the pavement and land on the grass. So I thought through the scenarios on the drive to work. When takinig off form 27, If I lose power anywhere before 300' AGL I'll land straight ahead and most likley stay on the runway. 300-500' AGL will mean landing on I-79 >500' AGL and I'll turn back. When taking off from 9, the options are limited, but a landing somewhat straight ahead will be in a sloped, mowed hillside. The slow speeds mean the airplane will turn inside itself with a sufficiently steep turn. It's a worthwhile exercise every pilot should do with each airplane flown.