Here's my two cents on throttle work, and how I manage mine. (Bear in mind I fly F4U's, so some definate similarities to the pony apply, with some definate differences.)
First- the way I use throttle may be considered wrong by many, so take it with a grain of salt...
I regards to fighting in the vert- I use the immels, loops, yo-yo's etc, but personally, I reserve the split S as a last ditch "get-out-of dodge" manuever only. I don't look at it like a "fighting" manuever, but rather as an "escaping" manuever.
I don't like it as a fighting manuever because it puts me lower, and usually faster which doesn't help me in the way I prefer to fight. Dang good way to escape though!
As far as throttle- there are definate times to be fire-walled and WEP'ed, and times to back off. I never stop the engine, but I often back the throttle all the way off. Good examples of backing off would be in a fight where I'm struggling to get and / or stay behind my opponent. I back off the throttle to turn tighter, to avoid excessive speed when nose down, to help me cause overshoots, and to help my avoid overshooting myself.
Slowing down in a fight may seem risky, because in a plane like the pony or F4U once you slow down your options for escaping will be lessened. However, slowing down at the right time can give you a solid shot opportunity that may end the fight early. One trick to surviving is to get your fights over with ASAP. Fights draw crowds, which is bad in a slow pony. The longer you're in a fight, the more time for bad guys to find you. Also, if you're opponent is in a "better turner" dragging the fight out too long generally depletes your E advantage anyway, and plays into his hands.
Top of a loop? Firewalled, maybe even WEP'ed. On the way "down" in the loop? Back off the throttle.
Slowing down will help you to turn tighter. But slowing down too much will make you turn worse. Slowing down is good, slowing down too much is bad.
Another easy way / time to lower throttle is after you've made 2-3 passes on a lower or slower enemy. Keep your speed up at first, and let him show you his evasive move of choice, and his timing. Let him get comfortable in your attack move and timing. Then chop throttle on the way down, rudder skid a bit, and drop onto his six at just above his airspeed, so you can follow him through his evasive and kill him. Watch him squirm a bit if you want...
Try that without chopping throttle, and you'll overshoot, and likely die.
Start the fight fast, and try to convince him that speed will help him too (him having some speed, and / or being unwilling to scrub it all, will keep him from turning too tight when you try for a shot). Then quickly slow down and latch onto his six. He basically has to turn tight in an effort to dislodge you. There are other options for him but if you catch him by surprise he'll usually just panic and try to break hard. Kill him then. If you miss, DON'T follow but rather go straight to keep and recover some speed and try again. This will allow you to fight from an advantaged state again (you retain E while he burns it in his break turn).
The beauty of a fast plane like a pony or hog is that you can fight like that for a long time if needed. The slower plane (Spit? N1K?) can't get away, and is forced to try dodging your shots.
Leaving your throttle firewalled will make it easier for bad guys to get behind you, and stay there. Reducing throttle at the right time makes it easier for you to get behind them. You only need to stay there long enough to shoot them. Shoot 'em quick, because in a pony you won't be able to stay there long!
MtnMan