Set the conditions and take data at altitude, varying RPM and how deep you got LOP.
My normal, “I want to get there” economical cruise:
8K’-14K’
WOT
~20 degrees LOP
2480 RPM
Remember whatever prop you are using is not a linear engine. The combination of prop, airframe (drag) and RPM will yield different best system efficiency set points. The engine having lower pumping losses at lower RPM is a real thing, but I see prop efficency vs RPM to be the driving variable in that equation.
On a long cross country I varied RPM from 2300-2600, All WOT and ~20 degrees LOP. 2480 yielded the best speed for the fuel flow (RV-8 with IO-360 M1B and 74” Hartzell BA prop). Your “system” sweet spot will most likely be different. But in my data the difference in MPG from worst to best was only 3% or so, and it took a lot of data sets to fair through the numbers to get that result.
I find going much deeper than ~30 degrees LOP speed drops off faster than fuel flow (MPG declines).
I don’t do slow cruise - we fly RVs! If you just want to hang in the air for the longest time pull everything back.
Carl