Interesting discussion. In the mid-eighties, Saudi Arabian had a very ah....interesting incident on departure from JED in a B747SP at max weight. At rotation, number two engine had an uncontained failure with bits injested into the number one engine, causing an engine fire warning. The F/E, without saying anything, pulled the number one fire handle, leaving the aircraft with two operating engines at 900 feet. Not a pretty picture. The Captain (PF) descended to approximately 300 feet to enable acceleration to flap retraction height and climbed away at 250 knots, started fuel dump immediately, and returned for an overweight landing. Goes to show that inappropriate action at low altitudes can be dangerous. They were VERY lucky.