1) Use basic airmanship at first to avoid the over temp in the first place.
If you know that you are about to make a full thrust takeoff with high ambient temperatures, be prepared. Keep an eye on the engines (as you always should anyway) during the takeoff roll and be prepared to reduce a couple of percent. Most commonly one of the engines will be more critical for various reasons (different number of cycles, wear, maintenance etc.).
Furthermore be especially alert at rotation and initial climb out because of change of airflow into the engine. Select climb thrust earlier than normal if environment allows for it.
My company flies regularly to hot and high places, and this is company sanctioned procedure. Before going into a discussion about compromised take off performance, bear in mind that we are not taking about a 10% reduction on both engines at the start of the take off roll but maybe 1 or 2 percent on one engine before lift off.
2) If that was unsuccessful (with the above method the overshoot should in any case only be few degrees), follow the QRH afterwards and make actions accordingly. For the e.g. 737 it doesn't mention anything about landing at nearest suitable airport, if the engine subsequently stays within limits. Hence, you can continue.
