Agreed to return if there were other failure indications, especially wheel well firs/overheat, fuel leak, etc. If I recognized it before retraction, or as PM recognized; I’d leave the gear down until I could think it over. OTOH, one of my squadron’s C-5s blew one on take-off, didn’t know until Gander relayed a message from the departure field of a damaged tire on the runway.
Another OTOH, a Global Express years ago had a tire fail, puncture the wing tank and created a large leak and a hasty return. They armored the wheel well inserts as a SN. Made for a good CRM scenario for a couple of years.
GF