Hell yes it is. Not sure how the other 4-engine bubbas do it, but every couple of flight hours across the country, there is a J-model base somewhere where we could potentially get support. If I find myself in a 3-engine situation and my wing is not on fire, i'm going to these locations: 1. home 2. USMC J-model base 3. USAF or USCG J-model base.
Even with three engines, once I get all procedures completed and she is all trimmed up, I am allowed to turn on the autopilot and fly however long I need to.
Now if it turned into a 2-engine scenario...
We handle it similarly, as usual, an oversimplification regarding training. We have upgraders that we are making into aircraft commanders, as with any platform, we provide training on a variety of engine malfunctions at various regimes of flight so that they can build an experience base on how to handle it in real life. We include hazrep discussion of recent and historical community engine out discussions, etc. You have two extremes, the stud that takes forever to go through the emergency checklist items and can't make a decision on how to handle the malfunctions and falls behind the aircraft (really, another lap at pattern altitude?). Or the one that rushes to land immediately, and hasn't prepared for the approach or landing, creating an unsafe situation (have had studs that never briefed the approach, forgot the gear, etc). Both have good teaching points. These are all generally 3Ps upgrading to 2Ps and part of the P3QS syllabus. As you get to the soon to be PPCs, they are all knocking the scenario out of the park, and by this point in training are running the flight station and handling the plane accordingly.
BTW, I call for the option. I dial up both UHF/VHF tower freqs while in the pattern. And I too wonder what percentage get P8 (btw, I won't be getting P8 unless it is the southwest variety).