Actually, it sounds as if in your case 0.95 x 20 min power slightly underestimates your functional threshold power. Think about it: you were able to average 288 W during a 1 h climb during which you rode for 20 min at above your functional threshold power...in fact, at the highest power you could sustain for that duration. Presumably, then, you would be able to average >288 W for 1 h if you paced yourself a bit more evenly (although not necessarily by much).
In any case, I'd just call it 290 W, and stick w/ that value until you've got evidence that it's wrong...