Because we f;ew the 727 into so many caribean airports with few obstacles but a lot of birds, I asked our check airman to fail two engines at 500 ft on takeoff after we had completed our sim checks and had some time left. I wanted to see if it was possible to clean up before hitting the water since we had no training procedure for that. He initially told me I had to be at 200 knots but he would do it if I wanted to try it.
We got down to 300 feet before we had 200 knots and could climb again but made it by retracting flaps slightly early and using a shallow descent. I thought we might need to get into ground effect to accelerate but we never got that low. We started at V2+10 as in our normal climbs. It gave me confidence that I may not be commited to ditching if it ever happened. If it wasn't working I could still go back to a higher flap setting if ditching was required. Our engineer had to leave so we couldn't dump fuel.
Someone told me Fed Ex trained for this.