Hi Jamie,
I have done it both ways (the toning, you snickerers). I have gone back and bleached prints that I decided to tone later, and I have toned prints that were still wet. I have never noticed any difference, except that the appearance of the tone varies greatly depending on how much I bleach it back. That seems to be the biggest variable. If I can control it well enough, I can get some very subtle pink/purple going, that is pretty cool IMO. If I bleach it too far, it just seems to be faded. I use household ammonia in water to bleach, about 1:50. I snatch the print based on appearance.
If you haven't searched it up there is an example, and some good links in this thread:
(there was a url link here which no longer exists)
Best,
J