airman - few points make albury not a very good example;
1. Albury tower would not let you depart into IMC conditions with inbound traffic which could conflict with you until you reach MSA or can manuevre visually to the MSA. It is up to you however to notify the tower or traffic in a CTAF if you require to depart overhead due normal performance requirements.
2. Safety beyond that is up to you and if your escape route is blocked by traffic or lack of clearance then any of your options apply.
Do you wait on the ground for traffic congestion to minimize?
Do you wait for the weather to improve?
Also an aircraft with engine loss below MSA would declare an urgent situation (Mayday or Pan-Pan) due to restricted performance/manuevrability, the tower would be forced to relocate traffic to improve your situation. You do whatever is necessary to avoid hitting the ground including turns contrary to clearance and notify the tower as soon as you are able to.
3. A SID at albury would not help aircraft in an emegency as the minimum design gradient for a SID is 3.3 degrees, I would assume an AY SID would initially be much higher than that. SID do not allow for performance degredation following an engine failure and exist mostly to provide noise abatement and traffic segregation until positioned en-route.