I thought flying was all about fun.  :D Thanks for your answers, guys.

What was your strategy then, Lou? Remember any aborted takeoff with some of the mentioned factors included?
I could think of some parts of the pilot thinking 'I hope we get way over V1' (to avoid the need for a decision) while the other parts focus on at least some of the various variables which should be taken into account if something happens below that calculated speed.

Also, we're not speaking about minutes to decide as the plane doesn't stop acceleration when "just" one engine or thing gets into some red limits. So I can see some of the decisions being made as either purely experience driven or done by some magical coin being thrown in milliseconds.
It could well be that some NTSB records show the statistical (only) conclusion that 'get airborne' is the safest way to go when the plane is close to MTOW.
Decision making, that's actually the hard part of the pilot's job, right? They will take him as the one being in responsibility.

Also, as a side note, but not to be read as 'playing smart', those twin engine commercial birds are highly overpowered (looking at the overall available thrust and the weight of the plane) and the simple equation of '50% loss' only shows some relative values, not overall ones.
The requirement is to be able to continue takeoff and climbout with one engine failure at MTOW. Means that the 4 engine ones have to be able to go on 3 and the two engine ones can go with one.
So the 'overpower value' is much bigger on the twins than on the quads.

This lead to the biggest jet engines on a commercial plane, which aren't attached to those big 747 or A380 but can be found on the biggest twin, the 777. One engine of that thing offers more thrust than 8 from the B-52. And the BUFF isn't a lightweight plane at all.
So those 50% thrust from the 777 are, in absolute numbers, a whole bunch of power to operate safely while two of them running gives you a nice climber, like seen on e. g. the 757 too, following the same twin-safety-concept.

When going back to relative values again, we need 3 engines to achieve 100% 'safe available thrust' on e. g. a 747 and 1 engine to do the same on a 777.
If we now add the real amount of engines, we can see 133% 'safe available thrust' being there when all 4 are running on the 747 and 200% when the two of the 777 do this.
Feel free to do the calculations for the BUFF now.  :D
(the requirement doesn't apply there of course)