I flew a lot of hours in an STC'd first year 172 with a Franklin engine, high compression, 100 octane, and constant speed prop.
That engine was rated 215 HP, derated with a manifold pressure restriction to 180 HP. About 23 inches at most air temperatures
At full gross, 100 mph and 1000 fpm average to 10,000 feet. Up there, RPM to 2,000 or less, full throttle, leaned, and GPH went down low, and cruise was economical.
At lower altitudes, it would cruise in the lower end of the yellow arc with legal power settings, but a high fuel consumption.
A great plane if you were flying at 10 to 12 thousand feet cross country, as I was.