I simply want to define a function in application.cfc and expose it application wide to all requests. Preferably the "assignment" would only happen on application startup.

Is the preferred method to do something along the lines of this:

<CFCOMPONENT OUTPUT="FALSE">
<CFSET this.name = "Website">
<CFSET this.clientManagement = true>
<CFSET this.SessionManagement = true>

<CFFUNCTION NAME="GetProperty" OUTPUT="False">
    <CFARGUMENT NAME="Property">

    <CFRETURN this.Props[Property]>
</CFFUNCTION>

<CFFUNCTION NAME="OnApplicationStart" OUTPUT="FALSE">
    <CFSET Application.GetProperty = GetProperty>
.
.
.

or is there something better?