Similar situations have happened before, a DC-6 carrying a load of Christmas trees out of MIA in the 60’s (feather #1, mixture #2, firewall shutoff #3), crashed on 36th Street. Then Air Florida 737 into a bridge in DCA while operating at reduced thrust because of iced up PT2 probes on two perfectly good engines. Boeing solved part of this problem on the B-777 by silencing engine fire warnings on takeoff until reaching 1000 ft agl. In most emergencies, you either die right away, or have plenty of time (the most likely scenario), so a good rule is in case of an emergency is to sit on your hands and count to ten.