I'd go with the following thinking, as it's on take off and I therefore assume you are climbing away not yet clean; i.e. close to the ground, perhaps.
The initial actions are the same, with the proviso that an OVERHEAT says close TL, whereas SURGE is reduce as necessary until closed.
Surge, if allowed to continue can lead to other damage. Overheat, if allowed to continue can spoil your day more. Surge is obvious, Overheat could be sensor, but it's not wise to consider that risk in such a position. There is no time to trouble-shoot.
For me I'd rather have the a/c under control in a constant thrust status, therefore close the TL. That allows me to control & trim the a/c for a constant thrust climb out. It is also less distracting for PM.
This leads me to opt for the OVERHEAT memory items. It solves both problems with prioritising the worse, reduce work load and make control simpler.
This supposes you're not going any where anyway.
Last edited by RAT 5; 31st Jan 2018 at 18:39.