A B727-200 ENCOUNTERS WINDSHEAR ON TKOF AT ELP. FLT REMAINS IN WINDSHEAR CONDITION FOR 20 SECONDS AT LOW AIRSPD.

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BEFORE START; ENG START; AND TAXI WERE NORMAL PER COMPANY PROCS. BEFORE START INCLUDES A BRIEFING AND COMPANY USES A CARD TO COVER THE BRIEFING AND THE WINDSHEAR RECOVERY IS COVERED ON THE CARD. WIND WAS 270 DEGS AT 20 KTS GUSTING TO 29 KTS BUT THERE WERE NO RPTS OF WINDSHEAR AND NO CONVECTIVE ACTIVITY IN THE AREA. ACFT WAS 200 LBS UNDER MAX TKOF WT; LIMITED BY CLB WT. FULL PWR WAS SET AND THE EGT FOR ENGS #1 AND #3 WENT TO 580 DEGS; 10 DEGS BELOW RED LINE. AS THE FO CALLED 'V1;' I STARTED A ROTATION TO 15 DEGS NOSE UP. THE ACFT WAS VERY SLOW TO START A CLB; BUT SOON THE FO CALLED 'V2' AND THEN 'POSITIVE RATE.' I CALLED FOR THE GEAR UP AND ALMOST IMMEDIATELY I FELT THE ACFT SINKING. THE RED WINDSHEAR WARNING LIGHT CAME ON AND THE AUDIO WARNING SOUNDED. THE AIRSPD HAD BEEN V2 PLUS 15 KTS AND I LOOKED AND SAW IT WAS DOWN TO V2. (THE FO SAID HE SAW IT AT V2 MINUS 10 KTS.) I ADVANCED THE PWR LEVERS AND CHKED THE AIRSPD AGAIN. IT HAD STARTED INCREASING AND I HELD THE 15 DEGS NOSE UP. I THEN NOTICED THE EGT FOR ENGS #1 AND #3 AT 625; 35 DEGS OVER RED LINE. AFTER ABOUT 20 SECONDS; WE PULLED THE PWR BACK TO FULL PWR. WE CONTINUED TO CLEAN THE ACFT UP NORMALLY AND I INSTRUCTED THE FO TO RPT THE WINDSHEAR TO THE TWR. ALL ENG READINGS WERE NORMAL FOR THE REST OF THE CLB AND IN CRUISE. THE FE LOOKED THROUGH THE COMPANY MANUALS FOR GUIDANCE OF WHAT TO DO AFTER EXCEEDING THE EGT RED LINES. WE COULD NOT FIND ANY GUIDELINES AND AS THE ENGS WERE RUNNING NORMALLY; WE CONTINUED ON TO THE DEST. MAINT SPENT OVER 1 HR LOOKING THROUGH THEIR MANUALS BEFORE DETERMINING THAT BOTH ENGS REQUIRED 'HOT SECTION' INSPECTIONS. COMPANY IS PROUD OF THEIR REPUTATION FOR SVC AND CREWS ARE PAID BY THE DISTANCE THAT THEY FLY BUT MAIN REASON THE FLT CONTINUED 2 HRS TO DEST WAS THAT THERE WERE NO SIGNS THAT ENGS WERE DAMAGED. HAD THERE BEEN ANY INDICATIONS OF DAMAGE; WE WOULD HAVE DEVIATED TO A SUITABLE ARPT. CALLBACK CONVERSATION WITH RPTR REVEALED THE FOLLOWING INFO: RPTR HAD NO SIGNS OF IMPENDING WINDSHEAR THAT HE COULD RECALL; HOWEVER; HE THINKS THE TEMP/DEWPOINT SPREAD MIGHT HAVE BEEN GREAT. OTHER THAN THAT; NO OTHER SIGNS. AT THE TIME OF LIFTOFF HE FELT THE ACFT SINK. THE AIRSPD WAS AS HIGH AS V2 PLUS 15 KTS BUT THE SO SAW THE AIRSPD GET BELOW V2. RPTR PUSHED THRUST LEVERS TO THE FIREWALL AND ENG TEMPS WENT 35 DEGS OVERTEMP. THIS PWR SETTING WAS HELD FOR ABOUT 20 SECONDS UNTIL THE AIRSPD RECOVERED; THEN PWR WAS REDUCED. FLT RESUMED DEP PROFILE AND CLBED NORMALLY TO ALT. ENG OVERTEMP INDICATIONS WERE WRITTEN IN THE LOGBOOK; SO UPON LNDG MAINT PULLED ALL 3 ENGS TO EXAMINE FOR OVERHEAT DAMAGE. NO DAMAGE WAS FOUND TO ENG HOT SECTION; ACR NOW FEELS THE TEMP PROBES IN THEM ARE IMPROPERLY SET AND ENGS ARE RUNNING COOLER THAN PREVIOUSLY THOUGHT. THE WINDSHEAR WARNING UNIT WORKED VERY WELL. THE FLC FELT THE TRAINING RECEIVED FOR WINDSHEAR DURING 6 MONTH RECURRENT SIMULATOR CHKS WAS VERY HELPFUL IN KNOWING WHAT TO DO WHEN WINDSHEAR IS ENCOUNTERED. ACFT FLOWN WAS A B727-200.