you can't just say about running hot or cold - it depends what you're trying to do with the engine at the time.
full throttle / accelerating / on load requires a slightly rich mixture
part throtte cruising can use lambda = 1, which by definition is the best combustion that you can have
overun can use either lean mixtures, or cut fuel completely. this won't cau
se the engine to get hot as it would if you had a lean mixture under load, as the throttle is closed.
Is some one wants greys and can't afford to run it then they should have a slower engine
it's about making the most of what you have got / can get. why throw fuel out of the exhaust and coke your valves up if it's possible not to? surely you're not that ignorant. just cos you've got an old skool car, don't mean you need old skool carburettor thinking