Just an unwashed redneck bush pilot here....err...the argument as I see it is whether it should be mandatory to ignore a 5000 foot runway in front of me should something go tits up on takeoff. Now you hi-faluting Northsea Commanders all have said your piece...my turn!
If you can land back safely and in control of the aircraft, without further diminishing the current hull value of the reusable container you are driving....for crying out loud...land back! All this fancy talk about TDP/CDP...etc...bores me......you are wanting super hero pay...and that is why you are supposed to be able to make these earth shattering decisions....so put down the checklist, put aside the ops manual, ignore the managments latest policy letter....and fly the aircraft. The last place I wish to be with a sick bird is in the air.
Did the North Sea bit guys...back in the cowboy days in 58T's single pilot with the old decca....same emergencies then...less bureaucracy....same principles apply today. Know your aircraft's performance and fly to the safe side!