If you have a big bounce, I would put the throttle in and go around. The problem is that if you come down from your bounce even harder, you will bounce higher, or just break something.
I used to bounce or just float quite a bit in my early stages of training (in a PA28), and then started only using 2 stages of flap, and as mostlytossas says, it really works.
You really don't need full flap in those things unless it's a pretty short runway. Now i fly a PA38 which only has 2 stages anyway.