Well, here goes.....
The aircraft SHOULD achieve minimum certified performance at DTO thrust, HOWEVER it depends on correct technique, so may be marginal.
IF you have achieved the correct attitude during rotation and have the speed stable at V2-V2+15, it is probably easier to keep DTO thrust, as things happen a little slower and there is less yaw to deal with (assuming TAC off- which seems to be the norm in training.)
Modes will remain LNAV-VNAV, SO is the LNAV track the same as your engine out procedure? If not, select a different mode at 400' (probabley TRK Sel). Vnav will command V2-V2+15 until the engine out acceleration altitude programed in the FMC. It will then command either Flap limit Speed -5 for current flaps, or Flap UP man speed, whichever is less, so following the FD will clean the aircraft up. If you don't WANT to clean up at that point, Speed Intervention will maintain the current speed.
Hitting TOGA will give you rated thrust (so if you aren't achieving good performance, use it.) It will also give you TOGA in roll (track at the time of engagement) and pitch (SPEED at time of engagement). At 400' you will therefore probably need to select a different roll mode. When ready to clean up, wind the speed manually to clean speed (220 in a 200, 230 in a 300 are good starting figures) and retract flap on schedule.
Either way, once clean, either FLCH or CLM/COM gives you max continuous.
Hope that helps!!