From a SEP training perspective this comes down to whether the 'Go' bit is planned or not. If it isn't, I would suggest that you want to 'Go' rather quickly and echo Pilot DAR's sentiments. Conversely, if you are just practising landings, the 'Go' bit is more measured and you should reconfigure before taking-off. The argument about whether you have enough time to do this is extremely valid; you should be deciding whether you have the capability/performance to carry out such an action before you get there.
One other word of warning. Personally I have had two students who applied power and then raised the flap. Both ended-up off the side of the runway as the aircraft got airborne/light on the wheels, directional control wasn't maintained whilst the student fumbled for the flap switch and the aircraft eventually dropped back on to the ground as the flaps were travelling.
Pilot DAR's point is extremely valid. Maintain control of the aircraft, everything else is secondary.