Do any of you set the gap with one eye closed and then open the other eye before releasing?

I don't, but I can't think of any reason why you shouldn't do that, if it works for you.

One of the things we try to do is to eliminate unnecessary movements, as the fewer things we do, the less chance there is to make mistakes. "Unnecessary" means a movement that doesn't add anything to your accuracy or consistency.  Only you can answer the question as to whether closing one eye and then opening it is necessary or unnecessary.

Well said McDave.

So would most people keep the one eye closed- (helping to focus on the point) or keep both eyes open throughout the shot sequence?

My feeling is that most people would keep both eyes open.  Some people don't have a strong dominant eye; their dominant eye might switch on them unexpectedly.  Those people find it helpful to close or squint the eye they don't want to aim with to make sure they're really aiming with the eye they think they are.  Most people will automatically aim with their dominant eyes whether the other eye is open or not; just like wingshooting with a shotgun.

I would say close it if you need to, but it will not improve your shooting if you don't need to.  It would just be an unnecessary step in the shot process.

Along with what McDave said, anything you add to your shot sequence when your at full draw is probably in the long run detract more from your success than add to it.

Bowmania

My better half keeps one eye closed (3 times ladies Longbow world champ), I keep both eyes open. I did try shooting with one eye closed and noticed a lot of movement and couldn't hold steady on my long range gaps, it started to distract my shot sequence.

If you feel comfy with your method that is all that really matters, I see no point using some text book form if it's not working for you and you need to find something your subconscious is happy with and accepts, of course it's good to shoot with text book form but it's not always the best solution for everybody.

Many top shooters have form quirks including some Oly shooters and suspect its the above reasons of finding something the subconscious is happy with.

I used to do it backwards of that, I had both eyes open and slightly closed one before release.