USMCFLYR, I understand that you come from a community that enjoys afterburner takeoffs. Out of simplicity, you are given full mil or afterburner takeoff options.
Even in the military, we use reduced thrust takeoffs. An engine is statistically more likely to experience a failure at maximum power than at a reduced power setting. I don't have any source for that other that what was taught to me by Boeing during my FTUs.
During a reduced power takeoff, the aircraft must meet all of the same requirements as a normal power takeoff. If you lose an engine at Vcef/V1, you are still required to meet all performance requirements with the remaining engine(s) at the reduced thrust. In fact, in every aircraft I've flown with reduced thrust takeoffs, it was taught that you should not apply additional thrust (as it's always available to you) unless for some reason you need it.
I would MUCH rather fly an aircraft that has excess thrust available on takeoff, than an aircraft that needs maximum thrust available in order to get airborne.