//In my own experience with Touhou, I find it's better to bomb early than it is to lose a life. You'll get a few bombs anyway when you take a hit, right? Or at least, your bomb counter resets.
Except in UFO, I think.
Not that I've a whole lot of experience with Touhou, considering that I can't get to Seija in DDC (w/o using continues), have only barely survived Patchouli in EoSD (w/o using continues again), haven't been able to get past Parsee in SA (again, without using continues), and so on and so forth.