If your engine is being properly maintained its reliability should not be affected by what power settings and weight you are using if they are within the limits of the airframe and engine parameters.
This engine would have a TBO (Time Before Overhaul) which would be typically be 2000 hours, at this time the engine should be removed for a full overhaul.
If you are attempting to get a longer TBO this would involve approval from Lycoming and your authority.