Palmpilot
Touchdown! Greaser!
I would fly to the left of the runway in this case as well. Reasons:
1. You avoid crossing the final approach course, where you KNOW an aircraft is heading to the touchdown area at a speed you are just estimating.
2. The landing aircraft should be able to see you traveling in the same direction and off to the left as he continues the approach, and he will be descending as you are climbing.
3. Closure rate is low since both aircraft are flying in the same direction at approach and departure speeds.
4. If the aircraft on final has to go around, he has clear airspace on the upwind.
5. As you continue to climb in the space between the runway and the normal downwind area you can look all around, where the highest risk would be an aircraft approaching for a midfield crosswind, but that aircraft should hopefully recognize that there's already a conflict evolving and should turn to the upwind and do a normal pattern from there.
6. You avoid potential certificate action by not cutting off an aircraft on final approach (91.113). (Intentionally listed last. First priorities are avoiding the conflict.)
That's all reasonable enough, but when there is an imminent danger of collision, 91.3(b) comes into play, and I don't think it pays to nit-pick a PIC's split-second assessment of which escape maneuver will have the greatest likelihood of success. I'm also not sure that it's possible to decide on a strategy in advance, because very small differences from one fact-pattern to the next can have a large effect on the relative chances for success of different courses of action.