JT,
If the question is posed about an isolated engine failure at V1, I think its a go decision.
Our training and drills are well rehearsed and the outcome of emergencies are predetermined in many cases. Variations to the procedures or manuals is of course up to the crew, you would want to have an absolute basis for any variation.
The number of people who have had high speed rejected takeoffs and write the aircraft off and injure people in the process is alarming, subsequent analysis has shown no need for the reject.
Reasonable people like pilots and engineers talk and think in colors and shades of gray....what if this, I thought this, I felt this, I heard this.....at the end of the day the Lawyers and Jurnos talk in Black and White...Pilot error
Z