Well, I'd say: It depends upon where you are or where that point is located and current aircraft performance. If you are past the second segment, light weight, have visual, well, the decision is not that difficult, I think.
However, if you are heavy, climbing through the second segment, it's a hot day...certainly it would require some mili-seconds of thinking, but still, I'd rather take the safe side, that is, if the engine failed at the "deviation point". Your point of advantage would be if you know this airport and you know you can somehow "switch" from the SID to the company's engine-out procedure.
Besides, from what I've seen of this company engine-out procedures it tends to somehow follow the SID until a point where it's not that critical, altitude-wise.
All that taken into consideration, with a 5.5% PDG and an engine-out, I'd do my best to get into the track the company engine-out chart depicts.