I think what Analyser was trying to ask was what would happen if you pressed the TOGA switches with a lower altitude than your present one in the MCP. As an example, ATC have cleared you to descend to 2000' and cleared you for the ILS. 2000' also happens to be the missed approach altitude. You arm APP, intercept the LOC and at, for instance, 3000' you intercept the GS. So there you are, 3000', APP engaged and 2000' in the MCP. ATC tells you to go-around and, for some reason, you decide to press TOGA. What happens next?
I believe it will climb on the present track and will have no altitude restriction to level it off i.e. you'll continue to climb at 2000 fpm until something is done about it. I don't think it will continue down the GS from 3000' to 2000' because the pitch mode obviously changes to GA and doesn't remain in GS. Having never tried this before I am entirely happy to be proved wrong.
My preference would be: A/P off and hold everything where it is, F/Ds off and then on again (now we'd have V/S and Hdg Hold), A/P on, LNAV for the missed approach track and leave it in V/S to capture the 2000' missed approach altitude.