*Not* an expert, but... if the FE says the second attempt is still OK, make the run and TO, keep the gear, speed and climb rate down for a few minutes and cool the trucks before tucking them - IF seriously pushed for a TO time. The flip side is your much safer side, to delay for on-ground cooling and make a +/- normal run for the second attempt. Odds of a second TO Failure were small, but what if? Would you have had enough brake left to stop that 742? ghad that happened, we know that you would have used max reverse, numbers that never count, and kept it on until you were ready to back up, but would it have been enough? There is a finite limit to braking force, even with four feet on the pedals and/or max (RTO) effort.
If the facts are whole and correct, most would agree that you got screwed. In 1985 - or in 2014, a two hour delay for safety just happens. There must have been something else in the package. In any case, I'm glad to know the the later outcome worked OK for you. I sense a major miss-match between you and that old employer. Not interested in in the details, but I guess bugging outo was a very good choice.