Hello All,
To be honest, I'm not a pilot but I have a fair amount of knowledge because I do flight simulation. I have to admit, based on the facts given, and assuming that an engine actually failed with an overweight situation and the engine warning coming before V1, the take-off should be aborted period!
I mean, I'm sure the novel is interesting but there is a limit to what a qualified and responsible pilot would do in real life, right? How could an aircraft which is overweight take-off on one engine?! ... not to mention how on Earth it was allowed to leave the gate at all when it was overweight to begin with.
In any case - good luck with your novel. Hope it sells well!
John