To quote the great Bob Hoover..."your two best friends in an aircraft are airspeed and altitude" If you have neither and something goes wrong.. you are in trouble.
The most critical phase of flight for a light twin is when it leaves terra firma and raises its nose to the heavens. You have a good chance of survival if you put it down in a controlled crash but you have absolutely no chance in an uncontrolled one. There is so much to consider outside of your parrot pre take off emergency drill. Density altitude, wx,wind,tow,tora,obstacles,aircraft age and condition and most of all YOUR own limitations! etc etc etc. If you do decide to power up gear up flap up etc etc what r you going to do? fly straight ahead? do a circuit? left or right? box or oval? what altitude are you going to aim for before you commence the turn, what are you going to do if you hit blue line and its going downhill? if you can't answer these questions before you open the taps, well you certainly won't be able to when s**t hits the fan. I talk through experience, I chose to keep going, the aircraft had brand new engines, new paint, but was heavy (freight) it was night and i was facing a 100' hill not far from the end of the rwy. I was doing a lot of m/e training in those days and was very very current at the time. Believe me I had my heart in my mouth doing a 300' r/h circuit....away from the town but into the abyss. My knees took a full day to stop shaking.
