Calculus

In my opinion, the single most important aspect of tactics is to know when to look for a tactic and when not to. I'm talking about large-scale tactical manoeuvres here, not the simple one-move wonders. In tournament and blitz play, we simply haven't got the time or energy to evaluate every position from a tactical point of view, as it would take up too much time and energy. We need to manage our resources shrewdly, and save deep calculation for positions known to be rich in tactical possibilities. One such position is the "exposed" king hunt. I reached a typical king hunt position in my last blitz game and in the end, I succeeded, albeit clumsily, to mate the king. I didn't calculate very deeply, but assuming you reach the position below in a tournament game with ample time, how would you go about calculating the position?

I'm interested in details here. Do you simply move the pieces in your head? Do you analyse what squares your pieces already guard, which squares they guard potentially, where they can move? When and how much do you consider in between moves or moves by enemy pieces? Do you tackle them when they occur in your imaginary move-by-move sequence, or do you have a mental checklist to take them into account from the beginning? In other words, do you have regular parameters or mottoes that you use when you determine a tactical sequence?