Scott
Don't think in terms of time when thinking about an engine failure in a FAR 25 aircraft. Think of altitude. I am guaranteed certain performance if I follow the profile, no matter where it fails. If by the time a FAR25 aircraft pulls back, it has cleaned up in large part to probably its smallest flap setting( somewhere around 6-12 degrees) or zero flaps.
A 757 lost one out of there just a few years ago, rained the golf course with parts, other than that no problem.
I don't like the departure, but it has nothing to do with reduced thrust departures.