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Leaning out the AFR will increase the EGT. The timing wouldn't play much of a role in that; but retarding the timing might prevent you from blowing up a piston. Also, I'm not sure that exceeding ~16:1 AFR will give you much in the way of fuel economy gains. 14.7:1 is stoich (theoretically, a perfect burn off), so you'll probably see diminishing returns by any increase beyond that point.
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