The purpose of a cycle is to remove ammonia. Turns out plants do this quite well too. The plants will compete for the ammonia, but they won't be able to outcompete the bacteria to the extent everyone fears. The colonies will be smaller than a non-planted tank, but thats to be expected.
I mean, if you heavily plant a tank after you've cycled it, are you starving the bacteria colonies to such an extent that your tank isn't 'cycled' anymore? It doesn't matter which road you take, you'll end up in the same spot. One path is just faster and the other seems safer. Just keep the number of fish you plan on having in mind when you add ammonia. You want your aquarium to handle that amount of ammonia on a daily basis.
In either case, you're going to fight algae, but the sooner you plant your tank, the less of a fight it will be, imo. How can algae be more of a problem in a planted cycling tank? They use the same nutrients, except for nitrite. You'd get less nitrite if the tank is planted. The nitrite colonies will have to build up just the same, regardless of plants and in compitition with algae.