Giro d'Italia 2014

Unlike in a standard ITT, where by you have to remain a certain distance from the passing rider because of aerodynamic advantages, do the same rules apply for a mountain time-trial, despite there being little-to-no aero benefits, with the intention to hang on for pacing benefits?

They will probably still be climbing at a speed where aero benefits are present. Drafting rules still apply though they don't enforce them on the flat stages so they're hardly going to bother on this one.