I presume you are referring to the 1995 mishap ? I don't have any reports on that accident and can only presume that the outcome related to Vmca-2.
In general, lose two on the one side too early into the takeoff and the aircraft is going to reacquaint itself with terra firma shortly after .. about all the crew can do is manipulate the operating engine(s) thrust to avoid a cartwheeling return to earth .. if they are quick enough and have a bit of Lady Luck on their side.
Sometimes the numbers are stacked against the aircraft and the crew on the day ... no guarantees ... only probabilities.
Although I considered bidding for the 707, I never flew it (much to my later regret) so I can't offer comment on the overboost question. I have no doubt that others who have Type experience will be able to answer the question.