This type of the recovery scenario can be only achieved with Hybrid framework for RFT. If you have implemented the scripts with higly matured Hybdrid keyword driven approach in that case you can handle this recovery scenario if your particular keyword is failed.
By the way are you using any automatin frmaework with RFT?
If you want to do something quick and dirty, you can just write a method that instantiates and calls your script or script steps within a try/catch block, this will prevent errors from bubbling to the the top level where it'll stop execution. Then depending on then catch the exceptions and dispatch corresponding events based on the settings (stop, retry, etc...). Then you can create an event handler to handle those error events in a manner you like.