Velocity lift vs. True wind shift
In terms of picking an optimal course to steer during a lift to optimize your VMG, you do not always want to point up with the "lift". It depends on whether it is an apparent lift due to an increase in the wind velocity or a shift in the true direction of the wind. These should be handled differently.
To know what to do, it helps to have an understanding of polars.
http://www.ockam.com/ocku1.htm
Lets assume you are sailing a windward leg of a race, and the wind is square on the nose to the direction you really want to go. Neither tack is favored. You are sailing at the optimum angle of attack to have your highest VMG. If the wind increases in velocity but does not change its true direction, you will feel an increase in velocity and an apparent lift. Your sails are now over trimmed for the apparent wind. Should you point up or ease your sails?
In the past, I thought that the best choice would be to point up until the telltales on the jib are both flying again. This is not the best way to achieve optimal VMG to the windward mark. To quote Greg Fisher, "ease, hike, trim then point".
The explanation is that you are now sailing to slow for the new wind speed according to the polars. By easing your sails and hiking out (to maintain your angle of heel) you will accelerate to the new target speed indicated by the polar. As you point up, your speed will slowly fall back to the optimal for the polar at that wind speed. In keel boats it is important to try to maintain a constant angle of heel to maximize your vmg. Changes in your angle of heel impacts the flow of water around your control surfaces and keel so you end-up losing lift. I'd ease the main traveller and/or mainsheet initially, then trim it back in as you are pointing higher. On some boats, like a friends J-29 that is fractionally rigged with a bendy mast that I have raced on, you do a lot of adjusting the backstay to alter the main shape as well in the puffs. You'd go to max tension on the backstay in the puff.
If you have a different situation, such as a real lift in terms of the true wind angle changing,
The velocity has not changed, but you are now pointing to low. You need to point up and stay on the best close hauled angle for that wind speed. I would still ease the sails a bit, accelerate as the sails are over trimmed, and as I am pointing up then trim them back in.