From the B737 FCTM :
"During takeoff,if an engine exceedance occurs after thrust is set and the decision is made to continue the takeoff, do not retard the thrust lever in an attempt to control the exceedance. Retarding the thrust levers after thrust is set invalidates takeoff performance. When the PF judges that altitude (minimum 400 Ft AGL) and airspeed are acceptable, the thrust lever should be retarded until the exceedance is within limits and the appropriate NNC acomplished"
Bottom line is ....no memory or recall items before 400 Ft AGL no matter what kind non-normal condition occurs.