I wouldn't. My TW40X81 loses its screen mode (defaults to 4x3) when I unplug/plug just for a few seconds. The rest of the settings stay intact.
You would also lose the pre-heated feature of the picture tubes for "instant-on". I'd think you would put extra strain in the tubes if you cycled...
I use mine not so I may watch TV when the power goes off (that beeping noise can get quite anoying) but rather to protect the TV from theose deadly sub 1-2 second brown-outs that occure a few times a year.