I can see the issue of climb thrust not being enough, but on the other hand, why make something fairly straight fwd into something that sounds like its coming out of CERN!? If you are not getting enough climb with whatever thrust setting you have at the time of engine failure, go to next detent!
The same goes for engine failure after V1, prior to Vr, if I need TOGA I use it, if not I prefer not to select it, or select it after I have engaged the AP, to avoid having to deal with additional the yaw.
As pointed out by a previous poster, airbus procedure calls for "Climb at min V2, or the speed you have at time of engine failure" so no need to select V2.
CP