Personally I think too much emphasis is placed on VMC, and not enough on Vyse, in the training for the ME rating. Every light twin will have a negative rate of climb at, or any where near, VMC. If you are close to the ground and any significant speed below Vyse, than you are in a unrecoverable situation.
Whether the VMC goes up or down slightly with configuration changes is irrelevant to the safe operation of a multi engine aircraft. If you are actually flying close to VMC in an actual one engine inoperative situation then you have grossly mishandled the aircraft.
From an operational stand point the critical point in every takeoff is that period when the aircraft is below Vyse and with the gear and flaps still down. Until the aircraft is cleaned up with Vyse on the ASI and healthy positive rate of climb, the only sane course of action is to close both throttles and land straight ahead.
VMC has nothing to do with this.