Threads like this are one of the reasons I first joined CW when I was browsing cricket sites years ago. Excellent contributions from everyone here, if I might say.
Having read everyone's posts so far, is the answer really to look more at the line of the attempted ball than the length? I have a natural aversion to thinking that bowling short is generally the way to go at the death, principally because I've always thought it allows the batsman so many options as to where they can hit the ball. Having said that, with only four fielders allowed out, if you miss a Yorker you're toast.
So is the answer that you put all four of your blokes out on the off side and try to bowl a foot wide of off stump, ideally a Yorker, but otherwise generally fullish if you miss, with that protection in place? I really don't see what your other options are at the death as a bowler with only four blokes out tbh. If a bloke wanted to bowl me four slower bouncers an over I'd rather have that than someone aiming full and outside off, but I of course concede the pros can (a) play all around the wicket, and (b) research these things far more than I ever have or likely will.
FWIW (ie, nowt), and without wanting to take the thread down a different tack, I reckon they should revert to five fielders outside the circle for the last ten overs. On an average pitch in a game between two competitive sides, 300 is barely par these days. You wouldn't be a bowler for quids.