Dive recovery flaps add very little drag. Their function is to help you recover from a dive with a little extra positive air pressure under the fore of the wing. My point being, they do very little to keep your speed down.
Fuze and TC are correct on the manual trim. For one thing CT will actually hamper your dive recovery (as it trims nose down while you are trying to pull up). At slow speed with flaps deployed, the elevators trim hard nose up with CT on, and limits your avalible stick input.
More here.As far as flap usage...I use the full range of flap settings, but
never any longer than I have to. I may adjust my flaps 2-4 times in one slow speed loop. I never want more flap than I need to gain/hold position.
You should not be cutting your throttle in a turn unless you are much faster than them, and concerned about overshooting. Doing so at flap speeds will rob you of much needed E and hamper your rate of turn. While you may turn a tighter radius slowing down with the throttle, you lose out because your rate of turn suffers. (eg. If you would have turned 360 in 14 seconds at full power, but only turned 250deg in 14 seconds at idle, you just lost alot of position no matter how much tigher your radius was)
Also, as mentioned use the vertical in manuevers as much as the situation allows. There are planes that a P-38 will lose ground to in sustained flat turns, but will hang with, or even out turn if you avoid sustained flat turns.