Centauraus,
At least you didn't have the problems your colleagues experienced which made such interesting reading in the 'new' Australian 'crash mag'.
Your point is well taken, but, (and it's going to be hard to get this across without seeming to criticise):
First, you had a tech problem which (I guess) manifested itself at just the wrong time (on the take-off roll at a high speed). You were exceedingly unlucky.
Secondly, your FO had not been trained and tested to a high enough standard. I cannot emphasise enough that good procedures only work with competent crews. Your FO did not check the other indications to confirm the problem, and was therefore not 'competent'.
Assuming that you stated clearly to him that there was no need to retard the lever, he also failed to be 'competent' in checking that his own perception of the situation was correct before attempting to take action a second time.
Train 'em,
test 'em,
trust 'em.
And do it all to a very high standard.