You hand is on the throttle when you're landing. If something comes
into the runway, or you notice some other thing that makes you want to
abort the landing, are you saying you'd let the throttle go, reset the
flaps, then go back to the throttle?

I see touch and goes differently: they are landing practice, but they
are also 'abort the damned landing' practice too. When we (my ownership
partners and I) would safety check each other, we could often call for
a go-round deep in the flare or when on the ground rolling at less than
flying speed. We expected to see the throttle go in first, then worry
about cleaning up the airplane (the airplane being a Mooney).