You can release it anytime, without regard for where phase 2 is at the moment. Just make sure there has been time for the power supply to come up to spec. and the oscillator to stabilize, and make sure there have been enough clock cycles after that for the processor to initialize itself before you release the reset line. The RES\ input is a Schmitt-trigger input, and you can even just put an RC on it as long as you connect the capacitor from the reset pin to the ground pin with the connections as short as possible. (There's not a lot of hysteresis on the input.) See
http://www.6502.org/forum/viewtopic.php?t=342&start=0 and go down to Tip of the day, #3. There are lots of other tips there too.