No, that's highly unlikely to happen. The reasons are:
- Assuming the KLM 747 used flaps 20 for take-off, still, they had crossed the proximity of maneuvering the aircraft off avoiding a collision. Even if he runs the flaps to full, he will have to prematurely rotate, because the flap extension won't be quick enough to reduce the Vr to a lesser speed.
- Thick fog had limited the visibility and the crew spotted the other aircraft when they had crossed the threshold to practically avoid a collision by adding full flaps and rotating into the air.
- Plus, the angle of attack of the KLM aircraft was way too high, needless to mention, out of desperation the captain rotated the aircraft into the air violently causing a tailstrike.
Who wouldn't panic when they see a 747 taxiing head on, while on take-off roll and at 140 knots?!?!
Many other things could've avoided the collision:
- A more accurate and precise handling from the ATC. While the KLM co-pilot used an unusual phrase on the transmission to the tower saying "We are at take-off", the tower responded saying "OK". Reportedly, the controller crew had been listening to a football match on radio.
- After the threat at Gran Canaria International Airport had been contained, authorities reopened the airport. The Pan Am aircraft was ready to depart, but the KLM plane and a refueling vehicle obstructed the way to the active runway. The Pan Am aircraft was unable to maneuver around the fueling KLM, reach the runway and depart due to a lack of just 12 ft (3.7 m) of clearance. Captain had decided to fully refuel at Los Rodeos instead of Las Palmas, apparently to save time. The refueling took about 35 minutes.