Scenario: STN. A/C lined up and given takeoff clearance. He is tardy and is taking a long time. (we've heard stories about no cabin secure etc.) ATC says to a/c on finals, "continue, expect late landing clearance." All seems fine. ATC gets nervous and at 200' calls a G/A just as ground traffic starts to roll. The GA route stops at 3000' and is exactly the same as the SID which stops at 4000'.
What would you do? is the question on the ATC exam paper.
I would go around and maybe deliberately offset the track to keep the traffic in sight if VMC, there's still a possibility for the rolling traffic to reject the takeoff.
Bleeds off and climb like I mean it to 4000ft and convince traffic below to level off at 3000 or before.