A lot would depend on SOP i guess. Ours is to have LNAV engaged during the preflight briefing at the gate (together with Autothrottle), no vertical mode is pre-selected (although FMC V10.7 allows that).
After take off for cleanup we either select N1/SPD UP or just SPD UP if the airplance selects N1 automaticly, after that it is our choice, most of the time however it is VNAV.