I was rather on the OTHER side of that once, as a solo student.

Class D airport got real busy for a while; there were several lined up
for takeoff, and quite a number in the pattern, including several on
long final.

I was told to take position and hold, which I did. I was not overly
comfortable with this, because incoming traffic was behind me, which I
thought was getting sorta close. I was cleared to take off, and
started rolling. Another aircraft shortly radioed that he was going
around. I wasn't sure what to do, but continued the takeoff. My
reasoning on-the-spot was that I could continue to fit in. I spotted
the go-around traffic high and to my right, and kept him glued in my in
sight until I lifted off, and watched him pull away as I accelerated
and slowly climbed. It all worked, but I'm not sure that it was the
BEST way. I believe the controller was in error by telling me to roll
while someone was that close on final (duh).

Thinking back, taking position and hold doesn't mean I have to be
pointed down the runway. If it's that busy, perhaps I can be in
postion but pointed sideways, so I can see the approaching traffic.
Dunno, might work.

AS for the original situation, I'd sidestep right and keep traffic in
sight. If there was another parallel runway, I'd make the sidestep
pretty narrow, and maybe even slip to lower my wing and keep the other
traffic IN SIGHT.