B737-300 ACFT ON TKOF ROLL HAD FLAPS SET AT 1 DEG WHICH WAS INCORRECT DUE TO OBSTACLE TKOF AND AIRSPD BUG SETTINGS. PF; FO; RECOGNIZED THE PROB ON TKOF ROLL AND SELECTED FLAPS 5 DEGS PRIOR TO ROTATION.

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TKOF STARTED WITH FLAPS 1 DEG INSTEAD OF FLAPS 5 DEGS. I BRIEFED A FLAPS 5 DEG TKOF; THEN; OUT OF HABIT; BRIEFED FLAPS 1 SPENDS AND SET THE BUGS FOR THESE. PNF DID NOT CATCH. AT TAXI HE CALLED FOR FLAPS 1 DEG AND I SELECTED SAME. OUR WT AND BAL HAD TO BE REVISED BECAUSE THE STATION HAD USED THE WRONG RWY AND OUR SOULS ON BOARD COUNT WAS OFF. WE WERE PLANNED 3 LBS UNDER OUR STRUCTURAL WT OF 124500 LBS. AT THE LAST MIN; SEVERAL BAGS HAD TO BE REMOVED. WE WERE CONCERNED THAT THEY ACTUALLY HAD BEEN REMOVED AND I SPENT SEVERAL MINS ON THE RADIO MAKING THE REVISIONS AND QUESTIONING THE ACTUAL REMOVAL OF BAGS. WE HAD PLANNED A REDUCED THRUST TKOF; BUT DELETED IT BECAUSE OF OUR CONCERNS. DURING THE TAXI CHKLIST; THE PNF AND I DID NOT CATCH THE IMPROPER FLAP SETTING. WE HAD 6 MINS BTWN TAXI AND TKOF. COMPANY PROC ON TKOF IS FOR THE PNF TO CALL 80 KTS; PF 'CHKED' AND THE PNF TO NOW CHK AND CALL 'THRUST AND FLAPS NORMAL.' AS THE PNF CALLED 80 KTS; I CAUGHT THE ERROR AND SELECTED FLAPS 5 DEGS. FLAPS REACHED 5 DEGS BY TKOF AND WE WERE AIRBORNE WELL BEFORE THE END OF THE RWY. THE DEP WAS OBSTACLE LIMITED AND THAT WAS THE REASON FOR FLAPS 5 DEGS. PROB AROSE BECAUSE OF DISTR AND A FEAR THAT THE STATION WAS TRYING TO OVERGROSS US. AN OPTION COULD HAVE BEEN TO REJECT; BUT SPD WOULD HAVE BEEN APPROX 120 KTS. FLAPS 1 DEG V1 WAS 146 KTS; FLAPS 5 DEGS V1 WAS 140 KTS. PROB ALSO HELPED BY COMPANY PERFORMANCE CARDS. WHEN HELD IN PLACE IN PERFORMANCE BOOK; FLAP SETTING IS HIDDEN. WE WERE ALSO RUSHED AT TKOF; CLRED FOR AN IMMEDIATE ROLLING TKOF. WAS 6 MINS TAXI TO TKOF. MOST OF THAT I WAS ON RADIO TO OPS.