The only realistic soloution from 800' is to make a slight turn for proximity to land, or go straight ahead. Prior to feathering props, attempt a recovery with boost pumps and switching tanks, but 800' doesn't provide much time.
After an attempt to restore power by rerouting fuel, shut it down and feather it, and get stable.
Much better to get stable, and set up for a 300 fpm constant rate of descent into the water. Use minimum sink airspeed, rather than maximum glide. Minimum sink will generally be slower, and it's often not published. Slow to (we had this discussion before, and I belive Asquared was the one who responded properly) approximately Vxse to achieve minimum sink.
Don't try to stall it onto the water, or necessarily even achieve a flare. Especially if the water is glassy. Simply set it down doing approximately 300 fpm. Have a door open, shoes off, belts in, and cushions in front of faces. Be prepared for rapid egress, but don't attempt it until the cabin is full of water and the pressure is equalized. Don't fight for air or the surface. Just hold your breath and float, and follow the bubbles, if it's daylight.
Then be sure to wave and scream dramatically for the evening news cameras that will probably already be on scene, as a shark pulls you back under and severs your femoral artery. And do try to smile. Remember, it's for posterity.
There is always the possibility that the aircraft will continue to float. This does sometimes happen. If you're light on fuel, there's a good chance that enough air in the tanks will keep the aircraft afloat, if the structure remains intact. However, most of the time you'll flip. There are those who will recommend keeping the cabin sealed in order to remain boyant, but don't do that. Unless you're opening forward facing doors or doors at the front of the structure...keep those closed until after coming to a rest. Otherwise, get something opened. If the aircraft begins to sink, you need to flood the cabin to get a door open anyway, to equalize the pressure. It's a good idea to have access doors open before impact, to keep the airframe from twisting and sealing them closed or jamming them.
Finally, take off the other direction, so this doesn't happen to you. Then you can go down in a school yard, instead. Better, ensure that you have a good fuel flow and good fuel, and it won't happen, either. (Unless you ingest a lot of birds, pick up a LOT of ice, or suck a door on both turbos at once).
