On the question of how much in dollars one saves by slowing down or going to a smaller engine, I just did a quick calc on the two airplanes I have the most experience in, my own 180hp Lycoming, CS P172D (Avcon conversion) and just about any stock older model 182 with the 230hp Continental O-470. When I flew 182s regularly, leaned at a "normal" altitude of 10-11,000' MSL, I could expect 135 knots at 13.5 gph. With my airplane, I routinely anticipate 115 knots at 9.8 gph at that same altitude. So with those figures in mind, the difference in cost to fly 1000 miles (no wind, of course) is $65 less for the smaller engine at gas prices of about $4.30/gal 100LL.
To the basic question that's being discussed, though, it really depends on how much less than 75% power. I think if you routinely ran really slow, you would cause some problems, but how slow is "really slow"? A NA engine operated in the high country never gets to 75% power, except maybe on a really cold day. When your routine altitudes are in the 10-11,000' range, you're only talking about 55% power at best, depending on DA. But engines will run at much lower percentages, and it can be problematic if it's too low---but I don't know where the dividing line is. It's kind of like the definition of pornography--I know it when I see it, but a lot of skin can show before the line is crossed.
When I was partnered in the TR182, we had it on the line to be rented by persons either working on their commercial or who already had their commercial, largely because the FAA had recently changed the commercial requirements to include complex airplanes, and it was about the least expensive complex airplane on the field at the time. One of our renters, Andy, was bragging one day about how he'd been flying the TR182 at only about 110 knots, just keeping both the rpm and the MP barely in the green, and burning a whole lot less gas--don't remember how much. We'd started having problems with fouled plugs, a situation we'd never had before, because everyone else was running it at 23-2400 rpm and 24" MP, because that's what I'd taught each of them on their checkouts, based on the POH. But Andy had been checked out in the airplane while I was on vacation, and that CFI hadn't followed the book. My pard and I conferred and decided that we had to either stop renting to Andy, or he'd have to fly it like everyone else. My pard talked to him, and the upshot was that we stopped renting to Andy. Nice guy, but knot-headed.
My own view has been that I want to go as fast as the airplane will allow, with reasonable attention to running the engine frugally and gently, i.e., not balls to the wall all the time, and properly leaned. Most airplanes have a "sweet spot", typically a range in which the airplane seems to get good mileage and has good speed. With my little bird, I've become accustomed to running it at 21" and 2400 rpm, but I admit that that is more my "feel" for it than anything religious. More power gains very little more speed with its draggy airframe. Less power, and the airspeed drops off quickly. Of course, as soon as I climb above about 7000', I can't maintain 21", but I still run 2400 rpm. I steadily burn 9.8 gph in cruise, more in climbs, less in descents, but it still averages about 9.8 gph, according to my EI fuel computer.
All that FWIW.
Cary