Barbados in the carribean in a 727 we were nearing V1 and lost the left generator. We had a rainy day so the runway was wet and we were at max takeoff weight. 1000 and 3. I told the FO flying to keep going and the FE would fix it. He had a check FE requalifying him on that flight. I told the FE to fix the problem knowing the fix was one pak off. He put essential power to number 1 engine and at V1 lost most of our instruments. I said they will fix it and continued. They finally got it sorted out and put essential power back on #3 engine. I don't know what the standard procedure would be then but felt I did the right thing. Sometimes doing what makes sense works.