bubbers44:
I don't think a plane that can't at V1 accelerate and climb at V2 is legal to fly with an engine failure at V1. However using your judgement in dealing with near V1 failures should consider what is at the end of the runway, a cliff, or rising terrain. You don't at this point worry about legalities, you worry about survival.
The OEI takeoff flight path is far more a critical operating procedure than a legality. Aborting after V1 has a terrible record. It was even worse until the industry agreed in the 1960s to reduce V1 to the minimum that performance would allow.