Is it best practice to create a recovery partition as soon as the OS and drivers are installed, or would it be best to wait until I have all my applications installed?
It's not necessary - laptop manufacturers create recovery partitions to store their OS and programs on it when you don't have a backup device. If you get a Windows 7 disc it's better to restore your OS from the Windows disc. This is always why I recommend on builds that you have your OS separate from your data.
I get my system up and running with all the drivers updates bios ect make sure there is no problems for a week or two then make a image of my SSD or HDD, if i need to reinstall then its a 10 min job vs 2 hours