Il-2 doesn't really model true complex engine management to any degree.
However, radiators and propeller pitch do affect drag. If the engine stops, feather the prop or reduce the pitch and close the radiators. Make for best glide speed which is close to the best rate of climb speed (maybe a tad slower). This will allow you to glide as far as possible for the altitude that you have. Don't make the common mistake of adding full flaps while gliding - they will slow you down more than they could ever possibly help. You can add them at the last moment, however.
Also, since 4.10, the power level does affect "life span" of the damaged engine and even under normal conditions, keeping the power level too high can lead to power loss (random probability I think). This is toggled by the "engine reliability" switch.
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