"Let me change my scenario. Trundling down the runway the critical engine fails at V1. It is therefore not possible to intiate stopping action before or at V1. On my understanding of the collective expert wisdom, the decision must be to continue the take off"
I agree with that 100%. But if any other event has/is happening because of or independent flow the engine failure - the definition of V1 is out the window and you are on your own, untested territory.
V1 is a certification process with a perfectly serviceable aircraft with 1 failed engine and no other defect.
The affixation of MUST take-off at V1 or above with an engine failure, an engine surge, blown tyre and airframe damage is not justified under the definition/s of V1.
The concord captain had this affixation (V1 must go) but was fully aware they had more wrong than just one engine failure. None of us were there to see what the crew had to deal with during that take-off roll, but if he was not adamant he must take-off he may have elected to abort. If he did abort, all on board may well have still died in a probable fiery crash some distance from the end of the runway.
There is a chance some may have survived, notably the four in the hotel far from the runway.