What is the 5 degrees of bank into the operating engine giving you? Effectively it's giving you more rudder. It's using the HCL to your benefit, so you can ease up on the rudder a little bit. In your hypothetical situation, you mention that you're flying at Vmc, by definition this is the speed at which the rudder has lost it's effectiveness. The airplane is going to yaw and eventually roll in the direction of the dead engine, because the asymmetrical thrust is overpowering the effectiveness of the rudder, even with the aid of the HCL (5 degrees of bank into the good engine) giving you that "extra" rudder. If you're below Vmc, that means you've already lost control effectiveness... It WILL yaw and roll, only option is to reduce power and control the nose... unless you're in the region of the graph where it stalls before reaching Vmc. The latter usually occurs at higher density altitudes where your Vmc is so low, the wing stops flying before your rudder stops working.