Present company (and most of the past ones, as well), when the First Officer is flying, he...or she sets the approximate takeoff thrust, the Flight Engineer makes a final trim, then the Commander has his hand on the go-levers until V1 is attained.
Types, L1011 and B707.
Seems entirely reasonable to me, and in fact, give a new First Officer a feel for un-even engine spool up times, with some designs.
At some companies, Senior First Officers are allowed to keep their hand on the go-levers until V1, as these folks have good experience on type.
Also, seems entirely reasonable to me.