I am slowly getting used to diving, shooting and running back up (there's never enough boost though.) I have stalled a P-23 doing this now. It's an odd playstyle, I haven't formed an opinion yet. I usually get 0 kills 3-4 assists doing this, sometimes get a kill when I can find a weak one or two. If I spot a tail and clear it, I'll go to the deck to finish him off because I know I'll have at least one temporary wingman to help, then I try and get back up to altitude before anyone notices me.
The only thing I find handicapping with this is, not enough boost, and not enough firepower to make dents in tougher planes on passes like that. Maybe a heavy fighter is my style with more speed, more boost and bigger guns?
*edit* Ok, I looked at Warchyld's videos and damn...I was never getting that kind of altitude. I was using boost to climb but not even at a 40 degree angle up to maybe 1200 feet. Logging in to try some of this, I didn't realize it was that extreme, that looks fun as hell.
It's a tough nut to crack. The German Ar-80 at Tier 3, is a good plane to start practicing with, because the next plane in line is the Bf-109B, which owns BnZ among light fighters at Tier 4. Of course, the heavy fighters are tailor made for BnZ, but if you like to fly light fighters, then stick with the Russian and Japanese planes for TnB, and go German or American for BnZ.
Now about your boost problems. I have always been notorious for using too much boost, and not having enough in reserve. Use your boost to get as much altitude as you can as soon as the timer starts. Once there, lay off the boost and go into a low angle climb, or even level out. You can cool down your boost quicker by using the "S" key to chop your throttle (I usually go into about a 5 degree dive at this point so as not to lose too much speed).
Here's the key: Altitude = Energy. You can usually get back into a pretty decent climb without using your boost by turning that speed you gained from your dive back into altitude. Use your boost only when regaining altitude, or when extending an exit in the horizontal. My "Beginner's Guide to the Bf-109B" or "The Hawk Strikes" (P-36), are both excellent examples of how to BnZ effectively against much more maneuverable aircraft.
Practicve,practice, practice. Keep up the good work!!