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There seems to be different philosophies about this in the non-Masters community. Some feel you go all out like a 60m or 100m, then hold on. Others say you should hold back and/or run segments of the race at differing speeds. Thoughts??

It depends on your speed (under 20 seconds asks for other energy systems than around 30 seconds) and your type (being also a 100m sprinter or a 400m runner).
What worked for me, as a non-sprinter and in the W50-class (never ran it as W55 and W60) and being trained as jumper, was to start as fast as possible followed by not concentrating on stride frequency but stride length. That means a bit less speed but endurable until the end.

I think the key is realizing that you cannot go faster than top speed and you cannot continue to accelerate for 200 meters. Once you reach top speed (somewhere around 40-60 meters), you must relax. Some people call this floating, or describe it as running the race in segments or some may actually describe it as running all out and then just holding on. Doesn't really matter how you think of it, just remember you cannot run faster than 100%. I know this from experience, I try to keep the pedal to the floor for the entire 200 and end up tying up. I firmly believe it takes 5-7 200 meter races in a season to really race the 200 correctly. If that is going to be your money event, plan on getting in shape and then make yourself available to race 5-7 times. By the 4th or 5th race you should start to get a good feel for how YOU should run the race. Trial and error is the best way IMHO because each person has different strengths / weaknesses. I think a lot of the textbook stuff goes out the window for masters until you reach a certain level.

I believe the key items to running a good 200 meters are:
Run the curve HARD, as close to the line as possible. If you can come out of the curve way ahead, it will help psyche out your opponents and they will try too hard to catch you.
Float, Relax, whatever, to try and maintain speed for the next 50 meters or so, then mentally & physically try to accelerate the final 50 meters. You won't be able to, but it will help you maintain as much speed as you can.

Run a lot of 330's and 400's for endurance and 150's for speed in training, and at a challenging pace. Slower in the off season, faster as the season gets nearer. This will help your endurance for the 200. If you have a good, level grass field do a lot of easy striders on it. Get on a football field and run figure 8's between about 15 yard lines. Run some slow pace curves in a clockwise direction,and later in the year increase your speed while doing these. This will feel really odd at first, but it will help increase the strength in your inside leg (the left one). The right leg will probably be strong enough just from always being the outside one when you run the curve. If you're right handed, the right side of your body will be naturally stronger than the left, and vice versa.

I think the most important part of the race is the CURVE. Run a good curve and the rest will take care of itself if you're in decent shape.

I've tried several approaches. My best results have been 1st 70m hard, float next 30-40m, last 90-100m all out. It takes a few races to know where the point is between maintaining max velocity and trying too hard you lose it.