This scenario is quite doable.
The engine response could well be a little slower than you want, but you are over a nice flat surface and have ground effect to help. As soon as you have TOGA thrust you are laughing. It will make certified gradients on 1 and you have 2 as well as a lot less weight.
On the B744, we can fly away on 3 @ 412 tons, so a 4 eng G/A at MLW, 288 tons, is a piece of the proverbial. Even on 3 it's no big deal.
As for flaps, I would stay with landing flap until Vref achieved, then as per SOP.