Brenoch, depends if I'm on my 4th early or not!
Seriously though, that does knacker the clutches, and I remember being told off by a trainer for doing that. Not something I've ever seen people do in my company.
Whilst I agree VS has no speed protection as such in the climb, this will never be a problem in this case. If the climb rate is less than 1000 fpm then there is no need to use VS (such as climbing to the max alt.), and if the VS is, say, over 1500fpm, then there is an excess of performance, and the a/c will certainly be able to maintain 1000fpm without any significant loss in speed. I tend to monitor the a/c in the last 1000 ft of a climb anyway, so any speed deviation would be picked up and corrected, plus low speed protection would kick in with anything more than a 5kt underspeed (revert to level change).
Therefore I can see no real drawbacks to using VS, it is much better than disconnecting the A/T - thereby increasing your workload much more than if you were to simply press VS and reduce ROC to 1000fpm if required.
FLCH sounds good, we would only have that if you kept resetting the FMC cruise altitude, so useful for an unplanned, or step climb, but not available for a normal climb.