Very good points made so far. However, just to throw something else into the mix -
Say for example you're flying into cold northern Norway airfields and you select a Go - No go speed of say 80 knots (when the actual V1 is around the 120 mark). What would you do then if you and an engine failure at 100 knots?
I personally would stop as the perf is calculated however, would it be wise with a runway contaminated. Clearly the braking action must be better or the same than MP - MP - MP.
L Met