It is not Mike Busch's red box actually, but anyway.
The simple answer is Wide Open throttle all the time unless you need to slow down.
Prop.....anywhere in the 2300-2500 range, that is smooth and happy, most find the 2350-2450 area works well.
Red Knob..... Full rich for take off, WOT/2700 in the climb, lean occasionally to keep your EGT's in the 1280-1320 range. Once at cruise altitude do a big mixture pull, then fly LOP to destination.
IO360 will burn about 7.9USGPH in the 8-9,000 feet range, more down low, less up higher. I can give you a rough number but you just need to refine the BMP technique.
John Deakins articles make this easy to read and understand. Read articles 63-66 here https://www.avweb.com/features/avweb...s-perch-index/
Read the rest too.