The engine out procedure is something that the company requires to have in print to prove that an airplane may safely continue a take-off with one engine out.
There is precisely no reason on earth why you need to follow it if you don't wish to. In an emergency you have perfect freedom to do whatever you want (FOM 20.2).
Personally I can think of no instance under which I would follow the EOP off of 12. In the normal prevailing conditions in Dubai I would turn right to a 290 track as soon as I was above 1500 feet. If perchance it was IMC I would wait until I was out of 2400 feet before turning.
But to enter a hold on one engine and stagger up to 3000 just because the BLT tag line told you too, well - that's the kind of programmatical thinking that should disqualify people from command.