Of course you would need to take into account the long term effects of operating at higher or lower power output and how it relates to the overall reliability(safety) and cost when it comes to overhaul.
This was done many years ago with the big round engines found on 4-engine piston airliners.
Altho all these were supercharged, the same applies to others.
Takeoff, max power....every time. Usually wet (ADI) BHP.
Climb at a designated climb BHP/BMEP....usually about 70% BHP.
Cruise...at 45% BHP.
(Approximate numbers, for discussion)
In this way, fuel consumption (taking into consideration the resultant TAS achieved) was optimal,
and overhaul time was extended.
How extended?
The best achieved was UAL, and the DC-6B (P&W R2800CB16 engines), 3300 hours.