I would rather opt for a software solution (like an app for a smartphone or iPad) that will emit a signal once a speed/position/altitude has been reached, from which an averagely skilled and trained pilot should be able to fly a successful return maneuver within the normal operating envelope of his aeroplane (best glide speed +/- 10kt, turns with no more than 30 degrees of bank, ample reaction times). If your device hasn't beeped yet, you glide to a landing straight ahead, if you heard it beep, you are safe to turn back.
I suspect that may be possible, or (me being a bit of a technological luddite) possibly a graph for any given aeroplane which can be referred to before take-off and says for runway length X and headwind Y in this aeroplane, below height Z you will not get away with a turnback, but above that you have a fighting chance if flown well enough.
There are four main reasons to do the research in my opinion, which for me are:-
(1) It'll be fun and interesting
(2) It'll give people who might consider a turnback a clear indicator of when NOT to consider it.
(3) There are lots of runways without a land ahead option. Runway 23 at Lee on Solent, runway 19 at Oban, runway 29 at Sheffield City, Grand Canyon Airport in Arizona, plenty of small island airports or mountain airports around the world. Nobody's going to close these runways - so if they're going to get used, perhaps pilots flying there should have some material they can use for training and practicing turnbacks.
(4) See (1).
G