Ditto what Urchin said. Thats a little too risky if you'll need the E you'll blow to deal with any other potential threats in the area. If you're all alone, sure go for it

My solution to not getting reversed is - dont get yourself in that situation in the ifrst place

If you know you're going to overshoot, trade some alt for speed. Always think of altitude as a bank for energy. This does depend on the type of aircraft involved or if you know specifically the E states of both aircraft involved.
There are two situations you'll want to look out for:
1) Relatively high speed pass: If you cant land a few hits,
don't bleed your E unless you know you can disable them. If you miss, conserve your E (no wild maneuvers) and set yourself up for another run. Take the time to see where and what the other guy is doing. Depending his current velocity, a small window for a lethal shot at you exists. Good clean reversals require excellent timing, and, if done correctly, you'll be dead before you know it. So, keep an eye out for him and orient your aircraft such that his window will be very difficult to attain. ie, instead of climbing predictably at a 45, bank a tad and keep your tail pointed away from him. Be unpredictable, but not erratic. You'll need that E for another pass.
2) Scissors: If you find yourself in a scissors, you don't always have to throttle back; do that as a last resort. Always stay on top in a scissors unless you can squeeze in a tight snapshot or firing solution. If you always turn on top of him, your E will decrease, and he will eventually slide out infront of you. Even if you find yourself nearly vertical and on the edge of stall, dont worry. If the fight began with relatively equal E states (or if you have a mad accelerator such as the G10), and you stayed on TOP, he will stall out before you. Simply find him on the way down and you're behind him. If timed correctly, you can find yourself in a perfect firing solution.
One thing is absolute: You
must keep your eye on his movements. Lose sight, lose the fight.