Again it is the armchair warriors trying to legislate safety. Boeing says to carry out recall actions only when the airplane is safely under control.. That is all you need to know.
If you take off with an engine on fire (warnings are inhibited but the message is still clear) you must be under control, so if you wish you can do the recalls as soon as you are off the ground and gear is selected up.
A real pilot will make a decision based on the conditions he is experiencing at the time. Obviously if you are having control problems you would leave it alone for a while, and if the weather was bad or a dark night etc...
So many guys now say "at 400 feet I will..." What crap. It might be safe at 100 feet, or unsafe at 800 feet. Give me a break.
An example: a 747 taking off at LAX. The #2 engine starts surging. It gets worse and worse as the airplane starts to climb away, the gear is up. The FO reaches over, since the Capt has done nothing and said nothing, and retards the throttle slightly. The surging stops.
The captain angrily pushes the throttle up again, the surging starts again, even worse than before, and says "Wait til 400 feet!"
The engine was damaged, had to be shut down, fuel dumped and landed back with 400 passengers to deal with. The engine had to be replaced. Boeing procedures might have prevented a lot of that, but let's replace airmanship with regulations.
Come on, guys, the manufacturer has done all the studies, all the certification. Why do we insist we know better?