Marty:
In accordance with the AMA and following your radio manufacturers recommended procedure(s) for setting failsafe is the only recommendation we have. I personally set my failsafe to: controls neutral, gear down, throttle low w/ idle cut off and flaps 15. I do this on each jet I set up. Of the previous statement, the throttle low and throttle trim to idle cut off are the mandatory. Make sure to re bind following the fail safe set up.