Exhaust gas temperature is used in the following way on aircraft.
Takeoff at full rich, using the mixture control.
lean back slightly at cruise.
At rated RPM, lean mixture until exhaust temp peaks and starts to fall back down.
Very dangerous here.
When you find the peak and see the temp start back down with more leaning, turn the mix control richer until the temp goes back up to the peak and keep advancing to the rich side until you can be sure you are on the lower side of the peak. Temperature will be about 1200 to 1300 degreees depending on engine type.
Running the temp on the lean side of the peak, (over the top) will burn pistons, rings, valves, bearings, and your A** quick.
A friend of mine tried to lean his 180 in a Cessna and it cost him a new set of cylinders, and could have cost him his life.
My advice, set the engine timing where it is supposed to be, run the right fuel. If the engine starts running on, knocking at high speed, or burns the paint off the heads, it it running lean.
By the way I am running a bone stock Holley 500 two barrel on my stock 470 GPU it does fine.