I know this thread is a bit old at this point, but thought I would contribute a note about turbo-normalized engines and LOP.
Turbo-normalized engines basically maintain sea-level manifold pressure as the airplane climbs, all the way up to their "critical altitude" where the turbo can no longer overcome the effects of thinner air, and MAP begins to drop off. These engines are almost ideal for LOP operations, with minimal pilot workload.
I had a Commander 114 (IO-540) with an aftermarket turbo-normalizer (Hot Shot). Even before I purchased it, I attended the APS course (in person, back when they were still doing that), and learned a LOT about operating engines - especially turbo-normalized engines.
With that knowledge in hand, I flew a few flights using "book" settings (<=75% power, per the charts), and was averaging about 157 KTAS while burning 14.5 GPH. Once I was comfortable with all the other systems in the airplane (new to me avionics, etc.), I switched to WOT-LOP operations, and analyzed the data from the CGR-30P after every flight.
I quickly realized I could cruise at ~156 KTS (the same as 75% ROP), but when operating LOP it would burn about 13 GPH, saving me 1.5 gph. Same speed on 11% less fuel? No brainer. I shared these results with the guy who taught the APS seminar, and he suggested I try operating at even higher LOP power settings (WOT-LOP), keep a close eye on the CHTs, and find my "go fast" settings through experimentation.
I learned that I could safely operate up to 90% power (LOP only, of course), but the CHTs were running in the high green range, and that made me a bit uncomfortable... However, at 85% power the CHT readings seemed really comfortable (well within the green range). That 85% power would produce ~168 KTAS, while burning that same 14.5 GPH. So roughly 6-7% improvement in speed at the same fuel burn. That became my "go fast" mode.
I didn't learn about "Carson speed" until long after I'd sold that airplane (mission change)... But I did some "loafing along" testing at 55% power settings, and at the same cruise speed as 55% ROP, I was again burning about 10-12% less fuel. When I took my wife sightseeing (looking at changing leaves, lake shoreline, etc.) I would use this mode to save gas.
There was a long cross-country flight (to visit family members) that we made fairly regularly. Flying book cruise settings (ROP) it required two fuel stops – one a complete fill-up, and one a "splash and dash" – to complete with my self-imposed 1-hour fuel reserve. Operating LOP, it was an easy one-stop flight. Stiff headwinds would encourage 85% LOP cruise (with equal fuel burn to "book" settings). More neutral winds would allow that flight at 75% LOP with attendant fuel savings. Tailwinds allowed 65% LOP cruise and saved a LOT of fuel.