I'm still sort of new to ovirt, but I went through a similar things.  I had my original engine fail and had to recover, so here is my "oVirt HA plan"

1. I do NOT use hosted ovirt, I had issues getting it deployed correctly, and that doesn't help if they engine VM itself has issues.  My engine is hosted on a completely separated 2-node hyper-converged Hyper-V Cluster.  Unless you have a cluster larger than 3 hosts, I really don't think hosted ovirt is a good idea, it would make more sense to just load ovirt on another PC by itself. 
2. I plan on loading another copy of ovirt in a "cold storage" configuration.  Where it will be loaded on centos, and configured as close as I can without adding in any hosts.  I'll probably keep it turned off and try to updated it once a month or so. 
3. If I have another oVirt failure, I know to log in, put the storage domains into maintenance mode if possible, and copy out any needed config items i may have missed.  I will the shut it off and delete it.  I then will reboot all the hosts one at a time to clear out any sanlock issues, then add the hosts to the new copy of ovirt and import the storage.  I estimate that process to take around 2-4hrs. 
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