Hate to break up the LOP / Busch bashing party. Amazing how long Old Wive's Tails (OWT) remain alive in the aviation world.
Mike Busch is right. Just follow his advice if you have a fuel injected Lyc IO-360 with GAMI's and an electronic engine monitor, with a good chance of running a super clean engine well past TBO without any expensive cylinder work.
Nearly 5000 engine hours ago my A&P (at the time) said don't do it, you'll be back in here for a top overhaul before you know it, but that's OK with him because he enjoys my business.
Mooney maven Paul Lowen of Lake Aero Styling said don't believe the OWT's, and explained why it's better to cool the engine with air rather than fuel. He was right. Thank you Mike and Paul, from the inside of my heart and wallet. Approaching 1000 hours (had been flying ROP, and at lean above 8000') made the change and purchased the GAMI tuned injectors (already had the engine monitor), then began aggressively operating LOP in accordance with Busch's, Lowen's and GAMI's recommendations.
Around 2400 hours TTSN (and done the dual mag conversion) it was running strong. Oil analysis was superb, oil burn rate was still better than 8 hrs/qt, and compressions were all in the high 70's. But I started getting scared so had it overhauled for no reason except the fear factor. During that time period I was flying a fair amount of night X/C's and hard IFR for business (mostly alone), and I didn't want to push my luck with an engine issue when almost everybody in my pilot's circle of friends said follow Lycoming's recommendations or you're just a crazy and cheap bastard looking for trouble to save a few gallons of fuel per hour (they were right regarding the fuel - that's one reason I fly a 201).
Overhauled that engine and started from scratch operating LOP (not just the last 1400 hours on a new engine). Flew it up until 2685 hours when one cam follower started making metal. Sent the engine out to Zephyr Engines in Florida for an overhaul. Other than the CAM and follower, the engine was fine and super clean. Replaced more parts than I had to, but IMO that's the sign of a quality overhaul. Didn't buy new cylinders, went with Zephyr rebuilds. Then after break in, started using CamGuard.
Right now I'm at 950+ hours on this engine. Zero trouble (knock on wood). Still burning only one quart of oil every 14 to 15 hours (which I understand is amazing for an IO-360 high compression engine). Engine oil still has some yellow visible after 40 hours of flight time. The inside top of the dipstick cover is beautifully clean, so I'm fairly confident the inside of the engine is the same. Last annual had compressions all in the high 70's.
Bottom line on LOP ops.
Negative: A loss of 5 to 10 knots of TAS, depending upon altitude, as compared to typical M20J ROP cruise speeds of 155 to 160 knots.
Positive: Fuel burn of 7.2 to 8.2 gal/hr depending upon altitude.
Positive: Lower Cylinder head and oil temps. Winter time 260 to 285 F during cruise. Summer time hot / heavy cruise above 5000' 315 to 330 F.
Positive: No production of Carbon Monoxide while LOP. And clean, no ROP engine deposits.
Positive: Because of the lower cylinder temps I don't worry about "shock cooling", and run it like similar to a turbine, reducing the power in large increments.
Disclaimer: The aircraft has a LoPresti Wow Cowling mod which helps with cooling, so a typical M20J cowl will probably not see temps as low. Climbing out ROP (a must) I never have seen any cylinder above 365 F, even hot and heavy, with oil never above 200 F.
Operating LOP is not for everyone. Some of my pilot friends say they'd rather keep flying ROP, go a little faster, burn more fuel, experience higher oil and cylinder head temps, and live with the occasional cylinder / valve issues. That's their choice. IMO, flying ROP is operating in accordance with fear generated by a decades old OWT.
FYI... I've always used Phillips X/C 20-50 oil. And started adding CamGuard in recent times. All good.
Flame away....