.. I assume there is no need to do anything as Vmcg becomes irrelevant?
Disregarding the rule book, that might be the case only if all the noise keeps time. Otherwise, Vmcg is much more relevant than for routine high TOW departures .. unless you are quick enough to change your gameplan from "go" to "stop" if the post-V1, pre-Vmcg failure track heads to the grass.
The generally not understood consideration is that the normal, gentle centreline deviation for higher speed failures ... becomes rapid, aggressive, and attention-grabbing as the speed approaches the real Vmcg for the day. This change is not spread over a wide speed band but cuts in very quickly as failure speed reduces .. a range of several knots can make the difference between a straightforward takeoff, a sweaty, eyebrows-raised takeoff .. or a walk in the grass ...