Isn't it a little exagerrated when you claim that the worldspell can make an immortal player move up to deity? Using it first turn is not that amazing if you can't build any wonders with the great engineers, because it would have been built by the time you reach the enabling tech. As for the extra hammers, that really only puts you on par with other AI's when it comes to worker building, and then only your capital, which will be building things other than workers after a while.
So, let's get a few things straight here.
A settled golden hammer gives you a free Engineer, normal engineer, in the city you build it in. If you go pacifist, that engineer will give you a Great engineer on turn 25, and another on turn 100.
At the point on turn 25 that you get the great engineer (You'll have researched, maybe one tech at that point) you'll be getting +5 Production and +3 science from the gambit of golden hammer usage. You'll also have a nice +50 production so far from the settled engineer,likely helping you build a Mud Golem, or a few warriors if you want to conquer someone next to you.
That +3 science turn 25 is really nothing to sneeze at, since very civ's will have many ways to even increase their commerce by that point (Only the lanun, or lucky civs near calender resources) but you'll be doing that.
And +5 production for the early game is really a whole darn lot. The second engineer I often use for wonder building to further increase my tech and production lead.
Never underestimate the power of a small bonus that lasts a long time. Growth in Civ is exponential, so changing your base value will greatly change your power over time.