I'm not a pilot,but I would say take-off without a doubt. This event may not leave enough power to keep the aircraft in the air,especially if fully loaded,which could well be true fuel-wise at least if departing for a longish flight.
If landing,then the other engines would almost certainly provide enough power to complete the manoeuvre,as they are in a low setting anyway. If single engined,it may be able to glide the distance remaining from 300 ft.