Capt. Tobius W.
You say in your post "But at least you'll live". Well, I think you need to think that statement through carefully. It's all hypothetical of course (thank God) because the potential for sheer confusion would be greatly increased if you tried to claw back control from the captain who would understandably think you had gone off your trolley. Throw V1 out of the window - -I perceive a serious problem and bugger the captain - I'm taking over and aborting. Ooops! Sorry captain! I'm over-running the strip - handing over, you old fool.
While the above comments are my weak idea of a joke, it could be serious if the captain is suddenly over-ruled in a late go/no go decision.
I am sensitive on this one, because it happened to me on a limiting length take off in a 737-200 on a Pacific island. My take off. The over-run area didn't bear thinking about - huge rocks forming a sea-wall literally 10 metres from end of runway.
20 knots below V1, the F/O calls that the left EPR has gone ape and that we are overboosting to blazes. He attempts to drag back the throttle from under my hand in order to even up the EPR to 2.18 (planned take off setting)
The N1 were both normal at around 98% and no asymmetric yaw, apart from that caused by F/O trying to tug back throttle. Told F/O to let go throttle and that N1 were both OK, so no problem that we couldn't sort out in the climb when flaps were up and after take off scan done.
F/O still tried to pull back throttle from under my hand, and I had to resort to snapping at him hard to get his hand of the throttle as it was a battle of wills at a critical time. That worked, and the F/O has hated my guts ever since that episode. He is a 747 captain now. But I was right. We later found that the Pt2 inlet tube for that engine had become contaminated and led to false over-read of the EPR gauge. Remember the Potomac accident.
There are a countless scenarios that you can dredge up on take off where immediate action by either crew member might save the day. But you cannot cover them all, as the situation depends on too many variables. In the end a compromise must be struck. And that is that the captain is paid and trained to take full responsibility for whatever action he deems necessary to ensure the safest result. But because a first officer decides in his wisdom to take over at a late stage of a critical take off, does not necessarily mean that we will all live. That part is always in the lap of the Gods.