Perhaps a go around in conditions where you need to rely on the compass would be more appropriate? We were talking about LANDING, I think. You mention taking off in blinding rain and needing to use the compass. Two things spring to mind;
1. The runway is contaminated. Did they measure the depth of water contamination and get you a braking action? I assume you then used contaminated figures for your take-off?
2. In rain that hard the visibility can drop below LVO minimum requirements for take-off, as you indeed point out.
In either of the scenarios you mention the usual guidance is to DELAY the take-off until such time as the weather is more favourable. Having to look at the compass to see what direction you are going during a take-off confirms to me that delaying would be a more appropriate course of action in an AIRLINE operation. Blind take-offs have no place in airline operations.
PP