As I suggested earlier, it would be interesting to try that and see what EGT and CHT it produces.
This sounds better than torching the engine. Remember the standard Lycoming mixture/power/efficiency graph; the shapes of the curves are common to many of these engines:
View attachment 141696
This says:
1. Peak EGT is lean of peak CHT (thus less than peak CHT)
2. Peak EGT is the rich end of the max efficiency range.
3. If the engine runs smoothly lean of peak EGT, it's more efficient and cooler, and power is down about 5% compared to being 150* rich of peak EGT.
Note that all else equal, airspeed is proportional to the cube root of power, so if power drops 5%, airspeed drops 2%.