My master prints are genrally set to go for my 9800 at 19x13 on a 24x16 sheet. Many times, I won't need a print quite this large, so I simply shrink it down using Bicubic Sharper in PS or simple reduce to fit in the printer dialog. It seems to work just fine comparing the the smaller prints to larger when I get to them. Some images I master larger, but that is fairly rare. In any case, shrinking down either way the prints are identical for all practical purposes.
I tend to work once and repurpose smaller with my master images, though I've found quick and easy workarounds if I screw up and master a smaller image that I should have started larger. In most cases, I start at the native resolution of the original capture and work it to near perfection. Work larger then print smaller, if you want to save paper or only need a smaller image for your project. Going the other way you will generally loose quality.
When I'm proofing a bunch of my work or master images, I'll run Contact Sheet in the Automate section of PS and run a gang sheet of 3x5 proofs. I can look at a glance at quite a few images and be quite certain that what I see there in color and tonality will be the same in the final and larger images.
Last year, I sold 140-lot group of 20x30, 24x36 and 16x48 and larger panos by simply taking the master files and running Contact Sheet to make 36-up, 24x30 gang sheets. When I compared the 3x5 inch prints with the larger and finished big prints, they had substantially the same color and tonality and the client and gallery were both pleased. This year, it was a bunch of 3x5 foot canvas wraps for the same gallery and another client. We ran small samples on the canvas and sold the job.
The gang sheets allowed both the gallery and client to see an actual print on the same paper. No muss or fuss and fairly cheap and easy to pull off. The final prints once matted, framed and hanged are simply stunning and look even better than the gang sheets. The gang sheets set the stage and sell themselves. Couple a sheet with a large framed and matted print from your selection and the client will be blown away.