NMAC. WHEREFORE ART THOU; OH WONDROUS TCASII?

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OUR FLT TAXIED TO RWY 14 FOR DEP. ACFT WEIGHED APPROX 717000 LBS. WE WERE CLRED INTO POS TO HOLD BY ANCHORAGE TWR AT THE SAME TIME A TWIN OTTER (DHC6) WAS CLRED FOR TKOF; TO MAINTAIN RWY HDG FROM AN INTXN AT THE OTHER END OF THE RWY. THEN ABOUT 60 SECONDS LATER WE WERE CLRED FOR TKOF AND INFORMED THAT THE OTTER WOULD MAINTAIN RWY HDG. I WAS FLYING THE ACFT. THE TKOF WAS NORMAL. AT 400 FT I STARTED A R TURN TO 190 DEGS AS PER SID PROCS. AT APPROX 1200 FT MSL I SAW A TWIN OTTER AT 11 O'CLOCK AND ABOUT 500 FT ABOVE US; OUR RATE OF CLB WAS ABOUT 1200 FPM. THE TWIN OTTER WAS APPROX SAME HDG AS OUR ACFT; 190 DEGS. I LEVELED THE ACFT; RETRACTED THE FLAPS; AND MAINTAINED LEVEL FLT UNTIL WE CLRED THE OTTER. WE PASSED ABOUT 250 FT BELOW THE OTTER; AND THAT WAS AFTER EVASIVE ACTION WAS TAKEN. IF WE HAD MAINTAINED TRACK AND CLB; WE WOULD HAVE FLOWN THROUGH THE OTTER. I BELIEVE THAT IF SLOWER ACFT ARE GOING TO DEPART IN FRONT OF FASTER ACFT; HDG SHOULD BE MAINTAINED UNTIL SLOWER ACFT CAN MAINTAIN VISUAL SEPARATION. THE WORKLOAD IN HVY TRANSPORT ACFT (747) IS SO GREAT THAT ALL EYES CANNOT BE OUTSIDE DURING THE FIRST 2000 OR SO FT. THIS MAKES IT VERY IMPORTANT TO KEEP THIS AREA CLR OF TFC.