The way you fly any manoeuvre depends on the situation!
But, if you are too close to traffic to land, there is always a possibility he is going around too.
I'd have thought that you'd want to be as high as possible as soon as possible to get away from that risk, as opposed to slowly catching him as he is on the runway. He may go around (For many reasons).
I know we're talking about light aircraft... but out of interest, have a look into the Jetstar go-around with less than full power incident recently. Makes an interesting read!