If there is fire, use the extinguisher. The greatest danger besides fire would be a runaway prop, so feather the prop. The decision of whether or not to run a damaged engine would have to be made on the spot by the pilot, though the flight engineer would help assess the damage.
Was the damage caused by flack, or are there fighters present? Dropping out of formation makes you extremely vulnerable to fighters, so you want to try to stay with your formation, if possible.
Intel i5 2500K CPU,Asus P8Z68vlx MB (turbo) GTX 460 2G, 8G DDR3, Win7 Home Premium 64 bit- "Níor bhris focal maith fiacail riamh."