I suppose if you don't know what caused that engine failure then it becomes a game of risk vs reward, if it has gone bang as you rotated (ala Thomson 757 out of Manchester with a bird strike) then who is to know if the second engine has potentially been fodded or suffered a less immediately catastrophic amount of damage that could get worse as the flight progresses? Can you positively determine the second engine is fine?
If you do consider an overweight landing, what are the performance implications for a single engine go around 30% overweight? I am taking the guess that there is plenty of go in reserve, but still far less margin than normal? Do the landing speeds increase?
An interesting topic