I feel I may not have made my question clear enough. The purpose of doing an overshoot is to practise a day VFR approach at a large airport (in my case Perth) without having to pay the landing fee. So there is no real reason that we cannot land on the runway. This is a common exercise amongst the flying schools that operate out of Jandakot.
In a real go around situation, the procedure is to retract the gear first to get rid of all the drag they produce with out any lift benifit, then once a positve rate of climb is established retract the flap in stages.
Thanks for all the replies everyone <img src="smile.gif" border="0">