For that matter, if you do get peak power at max EGT, why run on the
rich side? Wouldn't it make sense in terms of fuel economy to run on
the lean side a bit?

I know the dogma, what I'm interested in is the justification. Any
powerplant engineers out there?

Google "lean of peak". There is a company out there (whose name escapes
me right now) that makes engine gauges that are supposed to be so good
you can run LOP safely. The issue is that =at= peak, the temperatures
get too hot in the cylinders, and if you don't run cool enough in the
one cylinder that is being measured by the ordinary gauges, you are
likely to be running too hot in at least one of the others.

Jose
--
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