On another website I found out some more information. To make it short, the Density Altitude that day of the accident was 8,300 feet. The engine on the aircraft, a Fairchild, was 165 horse power, normally aspirated, in other words, no super-charger or turbocharger. That couple with the fact that he was about three passengers over MGTOW for that day. It is quite surprising they got airborne at all.
Also, they took off in the direction of raising terrain, so coupled with minimal climb rate and the raising ground, well...
So it looks like my first guess was correct, guess I didn't waste my time at the NTSB Aircraft Accident Investigator's School after all.
Personally, if had been dumb enough to attempt to takeoff, same conditions, I would hope that at the 2.5 mile mark of that 5 mile long takeoff run, I would gotten smart enough have stopped.