I have been told by many experinced (read old farts,70-80 yrs old) pilots that the throttle should never leave the firewall untill your ready to descend because the extra air being induced into the engine will help to cool it, and in a carburated engine, closing the throttle sinks the needle into the jet, and makes for less fuel to the engine, also raising the temps(granted we have control over this).
That's the way they used to run them, probably lean of peak, too (only way to have enough fuel to get across the ocean most of the time.)
http://www.gami.com/articles/1940lop.php.
I went to ADA, OK and had GAMIJECTORS installed on the A36 a while back. Wouldn't trade it for the world. FOT and LOP has saved a ton of maintenance compared to my friends running partial throttle, rich of peak settings.
http://www.gami.com/articles/powershot.php <--- more articles on the left hand column.
Someone told me once to run the throttle at like 98% or something arbitrary to induce a little turbidity in the flow to help more even distribution. Tried it for a while, determined it wasn't doing much (or anything) and went back to FOT.
Edit: LOP operations (done correctly and with proper instrumentation and fuel injection set-up) will lead to NO heat issues, contrary to popular belief. To quote George Braly at GAMI, "you can't shock cool an already cooled engine." I routinely run 20-40 degrees cooler than if I were ROP. They even had to keep in mind while engineering the baffling for their GAMI installations not taking away too much heat from certain cylinders because it would be very easy to do.
"Now, would you like to see something really interesting? Picture this, if you please. A normal takeoff with my IO-550, full throttle, 2700 RPM, full rich. We lift off, get the gear up, and reduce RPM to 2500 for noise, accelerate to 120 knots for the climb. I really like the higher speed, for cooling, and for visibility. Fuel flow is about 28 GPH at full power, drops to 25 GPH after the RPM reduction.
Prepare to Scream
But, now the wild one, prepare to scream. At about 1,000' agl, still wide open throttle, 2500 RPM, I reach down, grab the red mixture knob, and firmly and quickly pull it back to about 15 GPH! I have done this with a number of very experienced pilots, and most of them jump right out of their skin, in horror." That's what I'm talkin about.