Very interesying replies regarding this topic. As general rule all SOP call for a go decision when engine failure or any mafunction is recognized at or after V1. That is right, but we -as commanders- have the last choice.
You can still comply with the general rule when increasing V1 to Vr in certain conditions.
If you are taking off from a long runway, where you are well below the runway limited weight (RLW), you can check the corresponding V1 for this RLW and compare your actual Vr for your ATOW, if this Vr speed is much lower than V1 for RLW, you can very confidently equal your actual V1 to Vr. Take off is rejected while on ground. It is just a non balanced take off.
As far as this is briefied prior to take off, I think this procedure is much safer than going airbone with an engine failure, with 7.000 feet of tarmac remaining, just to be back on earth 10 minutes later.