If you're gonna work the tractor hard all the time your approach is the way to go.
However if the tractor is will be running long periods under light load (raking, pulling a hayride, on a tractor ride, etc) leaning the power mixture noticably reduces fuel consumption. It also helps prevents plug fouling and causes less fuel dilution/soot winding up in the crankcase oil. Also it makes the exhaust smell a bit less objectionable.
Running the fuel mixture too rich will not cause the engine to blow up. It only wastes fuel and actually REDUCES the maximum power developed.
FWIW I run the power mixture on my Super M (same 264 engine as your 400...) about 4 turns open only for plowing and at tractor pulls. Otherwise I run it about 1-1/2 turns out.
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Today's Featured Article - Tuning-Up Your Tractor: Secondary Ignition Wires and Distributor - by Curtis Von Fange. In our last episode we spent the entire day checking out the spark plugs. Is that efficency? Actually, it took more time to explain than it really did to do the inspection. At any rate we decided that a compression test was in order so we could verify the internal engine status. That way we wouldn't buy any tune up parts until we were sure that the engine was in reasonable mechanical condition. Our tests showed a fictional compression reading of 85, 80, 82 and 86 psi. That is well within a
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