What he's asking about and what Ian is alluding to is exactly how high performance aircraft engines are operated for hours on end at power settings far greater than the appx 25% a typical car needs going down the highway.
The result is cooler, fewer deposits, and improved fuel economy. Burned valves not. Too lean and you'll get misfire, lose power, and run even cooler (after all, the fire is going out) but no engine damage will occur. Why would it?
The best instrumentation for running this way is EGT, preferably for each cylinder. Assuming the injectors are balanced how lean one can go before the onset of misfire in any particular cylinder depends on how tuned the intake is.
A well balanced system will allow somewhere around 200 degrees lean of peak EGT (peak is stoich) before misfire sets in. There's no risk of engine damage even if you romp on the throttle under such conditions because all that'll happen is lean misfire.
Now doing the opposite, going lean *while* making lots of power, is an entirely different story...