I fly a Duchess which is similar performance to the Seminole. Actually, my single engine service ceiling is higher, so rate of climb in this situation might be slightly better.
My Duchess manual says about 2000 feet to land over a 50 foot obstacle given the scenario you outlined prior to the wind shear. At 100' over the threshold, you aren't going to land on that runway even without the wind shear issue. This would be particularly true at 85 knots, however, I understand why you might want to stay at that speed. The decision to go around should be made much sooner. Strike One!
In this scenario you are at full flaps prior to having the runway made. 100' over the threshold on a 2500 foot runway is not having the runway made. Strike two!
Now you are down 3/4 of the runway at 40', 85 knots, and thinking time to go-around. You may well be in the water by the time you get up the power and take the hit from retracting that first notch of flaps. Are you sure you want to go for strike three?
When I was checking out in the Duchess my instructor did an engine cut on take-off at about 400 feet. Things went pretty well. The Duchess takes off with flaps up and all that really needs to be done is to get the gear up and secure the bad engine. In that scenario, the gear was already up and he set zero thrust. Slow climb to pattern altitude and I started setting up the approach. It was a nice Texas day with winds at about 30 knots gusting higher and not down the runway. Base was into the wind.
Gear down, first flaps on downwind, turn base, added the rest of the flaps on base and suddenly realized that this turkey was not going to get to the runway. I expressed that concern to the instructor and his response was "Well, what are you going to do?". I told him I needed to get rid of the flaps and he said "You better get going". I could not believe how much altitude I had to trade to get rid of the first 10 degrees or so of those flaps. We made the runway, but we would not have if I had left the flaps at full.
My personal opinion, if you decide to try the single engine go-around at the place and configuration you have postulated, be careful, watch out for VMC and make sure you ditch before you loose control. Your chances of striking out are very high, very very high.
If you ask me what I would do in that situation, I would tell you that I already made the decision to land when I put out the last of the flaps. Or, I would have gone around when I realized that I could not cross the threshold below 50 feet. The scenario you have created is the killer scenario.