LANCAIR 295 EXPERIENCED ENG FAILURE SHORTLY AFTER LIFTOFF. EMER GEAR UP LNDG WAS EXECUTED; AND INVESTIGATION REVEALED FUEL SHUTOFF VALVE NOT FULLY OPEN.

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ACFT PREFLT CHKS WERE COMPLETED; INCLUDING VISUAL CONFIRMATION THAT THE MAIN FUEL SHUTOFF VALVE WAS IN THE OPEN POS. THE PLT AND PAX BOARDED THE ACFT FOR A PLEASURE FLT. THE PAX PARTIALLY EXITED THE ACFT TO RETRIEVE THE PLT'S FLYING GLASSES; BUT REMAINED IN THE ACFT WHILE THE PLT EXITED TO ATTEND TO THE GLASSES. THE PLT RE-BOARDED THE ACFT; AND ENG START WAS NORMAL. TAXI OPS AND ENG RUN-UP WERE NORMAL. ON TKOF; THE ENG LOST SIGNIFICANT PWR APPROX 10-15 SECONDS (AFTER APPLICATION OF FULL PWR) AT 15-20 FT ALT; AND APPROX 100 KTS AIRSPD WITH GEAR IN TRANSITION UP. THE RWY IS PAVED; 3000 FT IN LENGTH WITH A 1500 FT RUN-OUT; NESTLED IN A SMALL VALLEY WITH TREES AND PWR LINES AT BOTH ENDS. LOSS OF ENG PWR OCCURRED AT APPROX 1000 FT DOWN THE RWY. PLT ELECTED TO ABORT TKOF TO AVOID IMPACT WITH RISING TERRAIN/TREES; LANDED ON RWY WITH ENG AT IDLE PWR; GEAR UP. ACFT SLID ABOUT 1000 FT; CAME TO REST 10 FT TO THE L OF RWY CTRLINE APPROX 200 FT OVER THRESHOLD WITH ABOUT 1000 FT OF PAVED RUN-OUT REMAINING. ON EGRESS; THE MAIN FUEL SHUT-OFF VALVE; LOCATED IN THE R SIDE OF THE COCKPIT; WAS FOUND IN THE 2/3 SHUT OFF POS (LEVER MOVED AFT). THE ACFT WAS LIFTED WITH SLINGS AND HOISTS; AND THE LNDG GEAR EXTENDED NORMALLY. THE WOODEN PROP WAS DESTROYED; THE LOWER ACFT COWLING AND NOSE GEAR DOOR SUFFERED ABRASION DAMAGE; AND THE ACFT FUSELAGE BTWN THE MAIN GEARS HAD ABRASION DAMAGE WITHOUT COMPROMISE OF STRUCTURAL STRENGTH. THERE WAS NO DAMAGE TO PROPERTY; NO FIRE; NO DAMAGE TO ACFT CTL SURFACES OR TO ACFT STRUCTURAL INTEGRITY. THERE WERE NO INJURIES; AND BY DEFINITION THERE WAS NO SUBSTANTIAL DAMAGE TO THE ACFT. REF CFR 49 PART 830.2; THIS DOES NOT MEET THE CRITERIA FOR AN ACCIDENT; AND THUS IS AN INCIDENT. CONTRIBUTING FACTORS: THE MAIN FUEL VALVE WAS A POORLY DESIGNED CONFIGN IN THIS HOMEBUILT ACFT. IT IS POSSIBLE TO INADVERTENTLY MOVE THE HANDLE AFT TO THE OFF POS BY HITTING THE VALVE WITH ONE'S LEG WHILE EGRESSING THE R COCKPIT. IT IS BELIEVED THAT THE PAX INADVERTENTLY MOVED THE VALVE TO THE 2/3 OFF POS DURING PARTIAL EGRESS PRIOR TO ENG START. THE PLT DID NOT CHK THE VALVE POS THEREAFTER. THE ENG; RECEIVING PARTIAL FUEL FLOW UNDER THESE CIRCUMSTANCES; OPERATED NORMALLY AT LOWER PWR SETTINGS (TAXI AND RUN-UP) BUT DID NOT HAVE ENOUGH FUEL FLOW TO OPERATE AT TKOF PWR BEYOND 10-15 SECONDS (EXHAUSTED FUEL VOLUME OF GASCOLATOR WITHOUT ENOUGH INFLOW FOR REPLENISHMENT). THIS NECESSITATED THE ABORTED TKOF AND RESULTANT GEAR UP LNDG. CORRECTIVE ACTIONS: CLOSE INSPECTION OF FUEL AND FUEL SYS; AND APPROPRIATE INSPECTION OF ENG BY QUALIFIED ENG SHOP/IA TO RULE OUT OTHER ROOT CAUSES OF PWR LOSS AND TO RULE OUT ENG DAMAGE DUE TO WOODEN PROP STRIKE AND SUDDEN STOPPAGE. REDESIGN OF FUEL SHUTOFF VALVE CONFIGN TO ELIMINATE RISK OF INADVERTENT SHUTOFF BY PAX IN R SEAT OF ACFT. AMEND CHKLIST TO INCLUDE CONFIRMATION OF MAIN FUEL VALVE OPEN IMMEDIATELY PRIOR TO ENG START. CALLBACK CONVERSATION WITH RPTR REVEALED THE FOLLOWING INFO: RPTR STATED THAT THE ENG DID FAIL AS A RESULT OF FUEL STARVATION. THE FUEL SHUTOFF VALVE WAS FOUND 2/3 OFF AFTER THE EVENT. THIS FUEL VALVE CANNOT BE SEEN FROM THE L SEAT IF A PAX IS OCCUPYING THE R SEAT. HE IS INVESTIGATING WHETHER OR NOT THE VALVE COULD BE RELOCATED TO PREVENT THIS MISHAP IN THE FUTURE. IN THE MEANTIME; HE WILL SAFETY-WIRE THE HANDLE. THE GEAR UP LNDG PRECLUDED A RWY EXCURSION OFF THE END OF THE RWY AND INTO TREES.