My rough plan is to pull it up until I find the right point, then chop off the excess. I will probably keep it a bit over length to drop it all the way down when struggling for power and lift it when over-powered.
A cunning plan Stu, I have a couple of concerns..
The 'right point' will be different each time you sail. The optimum area depends on boat speed and hence wind strength, sea state and (as Jim mentioned) whether you've just tacked etc.
During your experimental period your bowsprit will not properly retract and quite possibly your crew and boom won't be able to tack. Just to clarify though, if the boat is over-powered you'd want a smaller board. (When sailing the Pasta with a light crew I quite often leave the board up a bit in windy weather.)
The true optimum when up to speed is very small and is also unworkable in practice. This is because water is 1000 times the density of air and yet the boat must always be able to accelerate from stationary. The next factor to take account of is the ratio of boat speed to wind speed. In practice centreboards end up in the typical range 2-4% of sail area. Where 4% is only really applicable for quite slow craft. In a boat like the Cherub there is also an element of personal choice trading top speed against slow speed acceleration. Light versys heavy weather performance etc.
For comparison Pasta's centreboard is 2.07% of upwind sail area.
As an example of an extreme case, consider a slalom board (windsurfer). In wind speeds of (say) 15 knots with 6m^2 sail it can exceed the wind speed but can also beat quite effectively at lower speeds. The fin area is about 0.3% of the sail area.
In the particular case of Strawberry I'm also concerned that the centreboard case is quite shallow. There is a practical limit to what length of board would be structuraly sensible. (What case depth are the E5s?) My hunch would be to saw off 400mm and be done with.