I don't want to sink this thread, but I'll introduce just a little bit of engineering. First off, the engines in our planes can be thought of as a Carnot heat engine. The best efficiency of the Carnot cycle is to extract the maximum mechanical work(HP) from the amount of heat produced during the full cycle(cold, hot, cold). In a piston engine this is expressed as the hottest point of the engine cycle to the coldest point of the engine cycle. How this plays out in the field is to operate at the maximum heat capable without the mechanical parts coming apart. Example - in the 1950 and 60s, thermostats on engines were around 172-185F, where today they are up around 192 and maybe higher. This has extracted just a bit more Carnot efficiency from the engine due to the cold-hot-cold cycle.
Not much you can do with the above in your plane with a throttle and mixture control except run it hot for efficiency, but run it below the value where things start coming apart.
Next we'll talk about the Carson speed. Completely different than the Carnot engine equation, this is a practical number that any pilot can mess with. Carson speed is a mix of best economy, and quickest trip times. We fly a plane to go fast, but just how fast do we want to go? Well, if we're a doctor and we're flying a Bonanza, it's red lined, all the time with max EGT to produce the greatest HP, and the highest Carnot cycle. If we're in a Rutan Long-Eze, we're tootling around at max L/D which is pretty damn slow, but max aero efficiency. Once again, operate as hot as possible to get the Carnot cycle at it's greatest.
There's something in the middle of those two extremes, and notwithstanding the value of anything from Busch he explains it just fine, and will save me electrons.
In a world of $7 avgas, it’s more important than ever to get the best bang for the buck. How can we get the best fuel economy from our airplanes? Given the painful cost of avgas these days, this is a question on lots of airplane owner’s minds. That goes at least double for unfortunate folks like...
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I usually use Carnot cycle engine operation with an eye to Carson speed. YMMV
Edit to add, of all the planes I've owned, and all the engine work I've done over the years, I would say at least 50% or more had induction leaks at the intake runner hose clamps, or the flange to the manifold pipe to head.