to most professionals 'Oceanic Track' refers to the Atlantic tracks.
Point taken, but there ARE other oceanic organized track systems that aren't subject to the same rules as the North Atlantic system, such as the PACOTS tracks between Asia and North America. PACOTS is made up of flexible tracks, not airways.
I guess we'll never know which 'oceanic track' the OP was flying unless he or she pipes up and tells us!
Getting back to the original question, selecting LRC in the 744 results in a faster cruise speed (M0.85-0.86 from memory) than ECON and will burn off the fuel more quickly. That MIGHT allow you to climb a bit earlier and save fuel overall on a long sector, but only if you would otherwise end up being stuck at the lower level, as parabellum said.
That said, with the use of CPDLC on a lot of oceanic routes, it can be difficult (impossible?) to keep a picture of the other traffic. You could end up being stuck at the lower level anyway and screw yourself out of fuel, as you found out.