No doubt less engine stress leads to a probabity of more reliabity and longevity...we are getting into the areas of engineering, FOD possibities, bird strikes, puddles, ice, oil consumption issues, bearing failures, and a whole host of things that can lead to or lead away from the possibility of engine failures..
If all we ever worried about was an engine failure on take off, then I tend to think reduced thrust would further that argument quite a ways...
An AC circular I once read indicated that tire blowouts were just as likely to happen statisticaly as an engine failure.
One tire blowing on an airliner is no biggie, unless it's the Concorde I guess, on a light jet it can be catastrauphic...
V1-VR, a scary place to have a problem...if that number could be shrunk down a little, less exposure, somehow with more thrust, or changing flap positions, ect I might feel a little better trying to 'find' VR if I am committed after V1.