On a 747-4 I lost #2 just after liftoff on a Taipei/LAX flight and required dumping for about one hour to get down to landing weight. I set up a holding pattern out over the water at 6000' and did 30 mile legs. Kept the 400+ pax informed and a round of free drinks from me. We landed got a rather fast repair on a broken fuel line and were underway in time to stay duty time legal. Great CRM from all my crew and support folks.
Be careful about rushing to land over Max landing weight. Lots of headaches from the paperwork and your aircraft will definitely be out of service for quite awhile.