Velonews has an article on lactic acid myths. 

http://velonews.competitor.com/2014/02/training-center/on-the-bike/lactic-acid-myths-debunked_316899

The punchline re: clearing lactate and acid when going hard - what my swim instructor stressed back in 1986 - exhale, exhale, exhale!  Don't even sweat the inhale.  Exhale!  I found it the secret to freestyle.  Didn't take long (well, I did have to leave Michigan!) to find the same applied to climbing.  When I observe that "oxygen debt" is slowing me down, I make it a point to do very long, deep exhales like I did swimming.  My speed goes up nearly instantly when I start doing that.  I am able to push much deeper.

So thank you, swim instructor.  Sorry, I cannot remember your name but I will remain grateful to you as long as I am riding.  (She was a grad student studying exercise physiology.)

Ben