That is exactly what the UK CAA mandated after the Prestwick J32 accident - all "V1" cuts had to be done above 500' AGL.
Unfortunately, the point of the training is somewhat lost as you really need to be accelerating from below V1 to really get the point of how tricky the manouevre is, and how small the margin of error can be.
Which is why we have simulators...
I can remember when converting onto the F27 many years ago, that the simulator was regularly crashed while getting to grips with V1 cuts. It was perfectly possible to get off the ground with virtually no yaw and climb away at V2, but all of us, at some point, messed it up and crashed. Thank god for sims, eh...
The other "gotcha" in the F27 was an engine failure on finals... the autofeather didn't operate at approach power settings, so the prop stayed in fine and unless you remembered to feather it, you ended up with a giant disc and the end result was always a descent below the glide, max power on the operating engine and a gradual loss of control as you ran out of rudder and aileron... followed by a crash, usually inverted, short of the threshold. Nasty.