Capt Smithy:
By your method of leaning, will the resultant mixture be slightly ROP EGT since you enrich slightly after the rpm drop?
To get the best SFC, I would have to be slightly LOP EGT. So does that mean I don't enrich after getting the rpm drop?
More or less, yes it would be ROP. It's what I use all of the time.
Without the benefit of an EGT gauge, to set LOP I believe you would lean until maximum RPM is achieved (fixed-pitch) and then back it off a bit further very gently (not so much to cause a >50RPM reduction). Perhaps someone could confirm this?
The thing with running LOP is that you need to be careful that you don't cook the engine. A lot of people are too ham-fisted with the engine controls and this is when problems appear...
Also the mixture needs to be re-adjusted for any change in throttle setting. E.g. don't forget to go to full rich if you go back into a full-power climb...
Smithy