It's been a few years since I've flown a Merlyn equipped Piper, but IIRC, it is still possible to overboost with a Merlyn waste gate system. On takeoff, or anytime applying power, in general, you cannot simply firewall the throttle(s), it's necessary to gently advance the power levers while watching MP, stopping at the desired inches (whatever that limit may be) before reaching an overboost level. After awhile, your elbow/arm becomes "calibrated" so that you feel, just by repetitive muscle memory, how far to go for full power, with just a simple glance at the MP gauge to confirm setting.
As to power reduction and descent planning, I have always held to the one-inch-per-minute rule of thumb, providing for a gradual spool down of the turbo. Overly conservative, perhaps, and, I certainly don't need to use a timer, but, the point is, as midflifeflyer mentioned, you want to "coddle" that engine and approach any power changes with a smooth gentle touch.