A Comfy Chair, sorry if I missed your point - I was trying to help - perhaps I should have left it to
Phil S to answer, after all it was to him you posed the question.
However, I think to a large degree you have now answered your own question. Any attempt to continue the take-off with a power failure below V1 has the potential for disaster. Typically, a reject close to V1 (especially when heavy) will only be called for a fire warning, engine failure, configuration warning or predictive windshear - most other events will be better carried into the air. Multiple failures or external circumstances such as an obstructed runway may also of course dictate a reject. The chance that VMCG will not have been achieved if you reject below V1 is also a possibility - but I will leave further discussion about the thorny subject of the relationship between VMCG and VMCA and V1/VR/V2 to those techies far better qualified than me to express an opinion!
As you will know, it goes without saying that critical decisions in circumstances such as we are discussing are ultimately what Command responsibility is all about.
JD