BOAC,
I`m on a different type now, so no QRH for grabs....
If my memory serves me well, the recall items for engine limit were: A/T disengage and Thrust lever retard until engine indications within limits.
If this is correct, that would mean that the fuel would still be pumping (at least until the NNC has been completed).
If an engine fails during T/O or climb, there is, almost by definition, something seriously wrong. Imagine a firehose spraying a stream of jetfuel on the hot parts......
So, apart from doing the simulatortricks we all learn to recognise, in real life I would easily opt for the severe damage procedure whenever there is the smallest doubt about the state of affairs with the engine.