See, and I thought it was just the "normal" position, from takeoff to just before you enter the pattern. You mean you can actually pull that knob back...and not be landing?! (yeah, I'm kiddin'...well sort of) Then again, my wallet is pretty thin too!
I do not have a CS prop at this time so I don't know if this works with a Lycoming, but with the Subby it was WOT all the time and power wa managed with rpm - 1700 resulted in a very efficient 5-6 gph burn and best mpg.
It took a while to get used to high manifold pressure and low rpm but the engine did not mind at all. The ECU magic made all that possible. It probably won't work with a Lycoming.
If the mission requirement is to get from A to B, then my Lycoming is WOT from takeoff untill just before landing; However, if the mission requirement is to "be in the air", then I will throttle the engine.