ppragman
FLIPY FLAPS!
I'm really impressed at how much you take in and question to learn.
I wouldn't go along with maintaining level flight, but making sure you know of a landing spot is cruicial. I think Google Earth/Maps could be a good tool in helping us all figure out spots for fudged takeoffs, but also consider the fact that sometimes Google doesn't clearly show light standards, street widths, traffic and power lines. It's great to look and say 7th street - at least you have more of an idea of the person who hasn't even looked. Just don't forget to re-evaluate when you start flying from there.
As for takeoffs and losses of power, I was always taught to shove it. Since I was taught to climb initially at 75, you're only 10 over best glide and still close to the clean stall of 48 (say 50 to be sure). If you lose power while in a climb, all those numbers come up quickly, so the best way to avoid getting too far below 75 is to shove the yoke in to get the nose down and adjust from there. It's harder than you think. With the trim set to TO, it'll require a good bit of pressure to get the nose down. From there, set it up for best glide and find something open, quickly.
Take a look at this and see if your instructor will go over it with you. It's not required per the PTS, but it'll help to increase your arsenal of safety measures:
http://flighttraining.aopa.org/cfi_tools/publications/inst_reports2.cfm?article=5920
I drive a 207 almost daily, and if there is one thing about safely making a takeoff is that the airplane can fly, and will climb well below Vglide (70-80Kias in the 207). A lot of people will horse it off of the ground as quickly as possible (even on long runways) and climb well out of ground effect. I prefer to stay low and accelerate as much as possible before gently easing into a 300fpm climb (if I've got a load, empty 500-1000fpm happens pretty natural at 100kts without one) because in the 207 you can't make a turn back even at 500'. Really, in the 207, the only realistic option is to climb to 1000' before thinking about turning around is a possibility. Rather, I get fast, so that I don't stall spin crash burn instantly on loss of power, and aim for places that have long roads on the climbout. (outa MRI your best bet is to climb straight out of 25, or off set to the right, outa seven you've got wayyyyyy moer options). Speed is life.