One return from a function: a good idea?

All C/C++ functions have a single point of entry and it is widely thought that a single point of exit is logical. Indeed, a number of programming standards [MISRA C for example] insist on this approach. The logic is that a single return statement makes for clearer, easier to read code. Additionally, a single exit point means that there is less chance of failing to execute function exit code, which may deallocate resources etc. Such an error leads to memory leaks and the like. The contrary argument is that an early return might avoid the need for some convoluted logic to direct the execution flow to the end of the function – a nest of if … else constructs can be hard to read.

I have been pondering an alternative approach that might deliver the best of both worlds …

When I come across complex if … else constructs, my mind always turns to the use of a switch statement, as this almost always results in clearer code. Compilers are also likely to generate efficient code from a switch, which is a bonus. I figured that I might use a switch to code a function as a state machine. Here is my quick and dirty outline code for this:

#define PARAMCHECK 1
#define ALLOCATERESOURCES 2
#define PARAMERR 3
#define RESOURCEERR 4
#define PROCESS 5
#define PROCESSERR 6
#define COMPLETE 7

int fun(int p)
{
   int Exit=0;
   int State=PARAMCHECK;
 
   while (!Exit)
   {
      switch (State)
      {
      case PARAMCHECK:
         // check parameters ...
         if (OK)
            State = ALLOCATERESOURCES;
         else
            State = PARAMERR;
         break;
      case ALLOCATERESOURCES:
         // allocate resources ...
         if (OK)
            State = PROCESS;
         else
            State = RESOURCEERR;
         break;
      case PROCESS:
         //
         // *** do main processing here ***
         //
         // occasional error checking:
         if (ERROR)
         {
            State = PROCESSERR;
            break;
         }
         //
         State = COMPLETE;
         break;
      case PARAMERR:
      case RESOURCEERR:
         Exit = TRUE;
         break;
      case PROCESSERR:
      case COMPLETE:
         // deallocate resources ...
         Exit = TRUE;
         break;
      }
   }
 
   return State;
}

Does it make sense? Feel free to pull my code apart via email or social media.