Personally, I'd imagine the goal would be to max out your spending at 100% at all times. I've tried playing games with farms and without farms, and I find that without farms, I'm usually forced to limit spending, at which point, why the heck would I build more factories and research centers, since they would go idle anyways - I could just increase funding to my existing ones for the same effect. But at the same time, you don't want to be making too much extra money, because buying items is less efficient than building them.
Unfortunately, I've found that specializing planets for pop/cash doesn't work very well either. These planets usually fall far behind in social production - as with research planets, you can "focus on" social production which diverts research directly to production, bypassing the need for factories at all. But with cash planets, they don't produce enough production or research, so I'm usually stuck building multimedia centers and banking centers extremely slowly while all my other planets are wasting their social production.
Generally, I'm finding my best strategy is to create at least 1 farming planet, 1 research planet, 1 manufacturing planet, to best utilize capital bonuses. Other planets with special global bonuses (rings, moon, events) I'll specialize too, but all other planets I generalize, since it doesn't really matter where your research or constructors are coming from, so long as they do so at a steady rate. With 1.1and unused social production diverting to manufacturing, I think I might revert to specializing cash planets, since I can pump social production up, reduce military production to 0, and just have my main manufacturing planet churn out ships.