Much later in the climb (this method allegedly is best because it's when the power setting is changed that most engine failures occur)!?
there is no evidence to suggest this is true. Most Lycoming /Continental engines up to around 400 hp have a max of 5 minutes at full power,so leave levers up agains't the stops for 2/3 minutes then reduce to max continuous.
Keep the power on and the nose up but don't dont let the nose get too high