P&G is all about reducing BSFC. To P&G at peak efficiency you'll likely need to do some testing on your own, but the general rule is ~80% load and keep rpm under 2500 or so. Each engine's peak efficiency point will be different, but this seems to be the area where most fall.
For the record I prefer to accelerate up a hill and coast down. It helps maintain a more constant speed. It also seems more natural since you need power when you're going up a hill, not down.
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