veewunrotate,
Just as an aside my company are thinking of changing the F/D off G/A SOP to the one you described. I think it is considered to be a little easier to perform (or less likely to go wrong) than our present 'select green dot at accel alt and move thrust levers to CLB'.
I recently did a G/A as PNF and PF went initially to TOGA then once we were up and away straight back to CLB. It's very smooth and a total non-event as far as the pax are concerned. The cabin crew even complained that it wasn't exciting enough!