The only similar exercise I've done was in the sim when the instructor forgot to clear the previous #1 engine failure at V1 before he set up the #4 failure. I lost both at V1, but was able to get the airplane in the air (max TO weight). The scenario was LAX, standard day, taking off to the west over the water, so terrain was not a factor. The airplane accelerated VERY slowly, but it did fly.
Since an outboard engine failure at V1 in a 747 requires near full rudder to keep the airplane tracking straight, I suspect loss of both engines on the same side at V1 would not be controllable. VMCG is around 121-127 KIAS for the outboard engine failure, but I don't think the numbers are published for the 2-engine failure. Also, I doubt the Classic would have enough power to get airborne except at lighter weights (320T or less?).
For the 2-engine landing scenario, commit point is at landing gear down. While it is possible to get the gear up and climb away again, there is little margin for error.