That's one of my favorite "scenarios" to perform. I always get a rush thinking, "What if the carbs loads up... What if I am off by a few feet..."
Yes we do operate at less than 500' and for good reason.
Yikes, man.
Why not get a rush for carb icing at 2000' or something?
You say you operate at less than 500' and for good reason. What good reason? You mean you just cruise along at 300', ready for the engine to stop?
You'd have very little time to secure the aircraft if it stops at 300'. What about a flight plan? Probably not. What if no one can hear your mayday?
I'd rather climb a little higher and request Flight Information Service from ATC, have more time for failures, better view for Navigating, fuel efficiency, less chance of hitting objects.
Personally, I don't subscribe to this thing of flying low so as to hone my skills for when the failure happens.