MD80 FLT CREW HAS ABNORMAL ENG INDICATIONS DURING TKOF.

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TKOF WT 154.1 MAX PWR; FLAPS 11 DEGS; WIND 210 DEGS AT 11 KTS; GUSTING TO 15 KTS; OUTSIDE AIR TEMP 26 DEGS C; ORD RWY 32L INTXN M; BRAKES HELD TO 1.6 EPR. THIS BASICALLY IS A MAX EFFORT TKOF. THE AUTOTHROTTLE IS TURNED ON; AND I BEGIN THE TKOF AND APCHING APPROX 80 KTS THE EPR'S BEGIN TO FLASH SHOWING THEY HAVE EXCEEDED THE UPPER LIMIT; THE READINGS ARE 2.15; 2.15L&R. THE FO CONTINUES TO ADJUST PWR AND I MOTION IT IS FINISHED. AS I CONTINUE THE ENG INST SCAN I SEE THAT THE L N1 IS AT 101.6 AND THE R N1 IS AT 98.7. L EGT IS 602 DEGS C AND R IS 602 DEGS C. THE ARTS AMBER LIGHT IS ILLUMINATED AND THE SPD IS APPROX 100-110 KTS. BOTH ENGS ARE OPERATING AT MAX EFFORT AND I ELECT TO CONTINUE THE TKOF. AT THE END OF THE RWY MY ALT IS ABOUT 150-200 FT. AT 1000 FT AGL AND APPROX 2 MINS; CLB PWR WAS SELECTED AND EGT'S DROPPED SIGNIFICANTLY TO WITHIN LIMIT. THE FLT CONTINUED NORMALLY. NOTES: THIS IS AS CLOSE AS IT GETS TO A 'LINER.' THIS COULD HAVE RESULTED IN A HIGH SPD ABORT AND POSSIBLY DEPARTING THE END OF THE RWY. WITH THE ARTS SYS FIRING; OR FAILING; I BELIEVE THAT BOTH ENGS WENT TO RESERVE THRUST; INCREASING MY PWR AND ENG LIMITS; EXPLAINING THE HIGH EPR; N1; EGT READINGS. I BELIEVE THAT THIS SCENARIO SHOULD BE ADDRESSED AT THE TRAINING DEPT; WITH THE HIGH SPD ABORTS. I CREDIT THIS SUCCESSFUL OUTCOME TO MY RECENT SIMULATOR INSTRUCTORS LAST JULY; WHO PRESENTED ME WITH VERY SIMILAR SCENARIOS.