If you call a Pan-Pan you can do whatever you like at places like Cranwell and Waddington, and pretty much everywhere else
Stuck go-go button = fun
Edit: FWIW I'd position in the overhead cut the mixture, carb heat on, and do an AFL to the runway (if capacity permits the grass on the Northern at Cranwell perhaps? Wouldn't want to Black the runway in use if possible) if it happened for real. At full power flying level in a straight line flying at a speed within the caution range isn't going to be an issue (upon reaching Vne I'm unsure, but a climb will sort that out).