tomcat264,
Consider also wake turbulence seperation. From the full length your looking at a 2 minute seperation but from an intersection its 3 minutes. With those sort of times you might as well use it constructively and backtrack.
Back when I use to fly piston twins my "V1" so to speak was blue line on a runway as long as perth. Therefore it was quite possible to rotate at 95kts climb to 20-30ft and then after an engine failure before blue line land straight ahead. I would want all the runway I could use and as RTG said would prefer to do this than fly an assy circuit. A dash 8, Bras or Metro with the assistance of reverse would probably use less runway stopping prior to V1 than a light twin using the above method.
An example: At the moment Koolan Island are looking at running Dash's direct but from what I've seen of Koolan there's no way you'd consider putting a Baron, Nav, 310 into it.