Could they have not hit V1 but decided to take off anyway to minimise damage (i am guessing the reverse thrust might be impossible to stop?)
No, and reverse trust is not included in the calculation for stopping distance for a failure below V1. You can stop from just below V1 with only the brakes, if that's not possible you're not allowed to start the takeoff. You would have to reduce weight until the numbers fit the runway.
After V1 you must be able to take off on only the remaining engines. If that's not possible you must reduce weight until it is possible or you're not allowed to start takeoff at all.
This is why in very warm weather and higher altitude airports (lower performance) sometimes cargo/luggage or even some passengers are left behind, while in colder weather all seats could be used.
As far as the rest of my comment - watch the videos that I linked.