Having flown the PL4 and PL21 since 2006 and noticing that sometimes the magenta V-speeds will drop inexplicably, we set V2 with the cyan speed bug. That way, there is a always at least V2 speed set on the airspeed display.
If an engine fails at V1, V2 is the initial target climb out speed at the predicted takeoff pitch. The speed bug set at V2 gives you have visual target to shoot for as you adjust your pitch after takeoff. The initial target pitch attitude us just that, a "target" and not an absolute. And, it is only valid if the engine fails exactly 1 second prior to V1 speed (known as VEF, or engine failure speed).
After takeoff if the engine doesn't quit, you can either call for "FLC, set 200 KIAS" or just call for FLC and pitch sync the speed but to your desired speed. When you press FLC, the speed bug syncs to the current speed. If you set it to 200 KIAS before takeoff, you need to be right at/close to 200 KIAS when you press FLC or it will reset to the current speed
Several ways to skin this cat. There's no standard "SOP" way of doing it.
Rich Boll