C172 pilot reported practicing an emergency maneuver resulted in an FAR violation of safe altitude minimums.

Narrative

I was practicing a simulated power off approach to ZZZ runway XX. I was lined up with the runway on final; but significantly high; so I attempted a long forward slip. As I crossed the runway threshold; I was still very high; so I continued to slip. I neared the midpoint of the runway; perhaps somewhere between 100' and 200' agl; and it was evident if I continued slipping to the landing; I would be potentially fast; and not have enough runway to safely come to a stop. I decided to break off the approach. However; instead of performing a simple go-around; I continued gliding and circled around for one more attempt at the landing. I made a left turn to circle back to the threshold; but quickly realized I was too low to the ground for that to be practical. Once I was heading west and roughly opposite the direction of the runway (a left downwind) I made the decision to climb back to pattern altitude; then redo my base and final turn for another attempt at the landing; all of which I announced on the CTAF. The lesson learned from this is that the impulsive decision to attempt low-level maneuvering (with or without power) close to the runway was taking an unnecessary risk. In addition to potentially violating the FAR about minimum safe altitude; low level maneuvering carries the risk of impact with obstacles; controlled flight into terrain; or loss of control due to a stall. The reason for all of this was not an actual emergency. It was meant to practice safely landing the airplane in an engine out scenario. However; the risk of turning a non-emergency into an actual emergency by attempting a last-second 360 turn back to the runway threshold was unnecessary and dangerous. In hindsight; this was just as foolish as one attempting a 360 'impossible turn' at low altitude; risking real catastrophe for the benefit of a hypothetical one. In future power-off approaches of this sort; I should not attempt any circling or positioning maneuvers at less than 1000' agl or whatever altitude is necessary to ensure that I am on a stabilized; final approach between 400'-500' agl; with ample ability to use either a slip and/or flaps to successfully land within the first 1/3 of the runway. If I am unable to do this; I will go-around in the standard manner; by climbing out on the upwind leg; continuing the pattern in the crosswind; and climbing to 1000' agl before turning downwind.