Although we also use VNAV, I heard an old guys recomendation about closely monitoring the LED's position not to pass the limit speed if they stay extended in case of a failure.I haven't seen if its a Boeing ecomendation though but it makes sense.I saw a THY 737 which seriously damaged the LED's after passing the placard speed during a go around.
We mostly maintain 220kts after N1 selection as we retract the flaps on schedule.Then speed up with VNAV or else as convenient and as the situation requires.