chuks, we would be safer. I was once told "man is a low-level, low-speed, 1g animal" and that makes sense to me.
On a more serious note, (excuse me if I'm a bit rusty, I've been retired a little) the option to select more than one V1 can only occur if you are at a weight below the runway limit. There is then a range of available V1s and generally the airline decides whether it is a "go" or a "stop" airline, and publishes the V1 accordingly in the tables. Usually it's a "go", especially if the problem occurs at high speed. The aircraft will get airborne; you then have time to declare the emergency, brief the crew and pax, perhaps burn/dump fuel and arrive at the beginning of the runway at a lower speed rather than stopping from some way down the runway at the much higher speed of a reject.