Philip--
We have the easiest-flying Mooney there is. Gotta love the C-model! Unless DA is high, push everything forward for takeoff. I climb full-throttle to altitude, sometimes I remember to lean during the climb [using the Target EGT method and my factory single-point EGT]. Once I level off, I'll set power generally by the charts in the manual that I have retyped into my checklist. At 7500 and above, I generally just pull the throttle back enough to make the needle move, then set 2500 RPM; leaning is simple, either until the EGT needle peaks or my wife complains, then push it back forward some. At 9000 and up, I feel comfortable running close to peak, but climb becomes quite anemic no matter what you do.
A good rule of thumb is to have MP + RPM readings total 47 or less. At altitude, 20-21" and 2500 RPM [21 + 25 = 46, safe] is a nice place to run. I generally back off of WOT to get out of the auto-enrichment feature on the carb, and roughening the air flow through the carb may provide better atomization of the fuel and more homogenous mixing for a more even power distribution between cylinders.
Maybe one day I can spring for an engine monitor, but honestly I don't have panel space to put one!
Target EGT is simple to establish, just take off on a day with as close to ISA conditions as possible [29.92" on the altimeter, 59ºF temperature]. Push everything forward, rotate, raise gear and look at your EGT as soon as you are comfortable. Write the number down when able--that is your Target EGT. The fun part is that no two planes have the same target. Mine is around 1250ºF; at altitude I generally peak 1500-1525ºF; your numbers will likely be different, so use yours. A friend's F [unlike ours, it's fuel injected] peaks around 1350ºF, and he often flies around 1300ºF on the hottest cylinder [#4 on his monitor].
If you really want to try LOP, some carbed engines can run there. Climb to altitude, level off, trim, then try this:
Pull throttle back ~½" manifold pressure to cock the butterfly valve and create turbulent flow going through the carb body.
Lean to peak EGT or engine roughness.
Lean a little more [see LOP threads for desired range; 20-50º below peak is common, depending on % power & altitude].
Crack carb heat, and see if your engine smooths out.
Decide if you like how the engine is running, and the speed you are getting.
Write everything down to use on your next flight.
Expect variations with altitude, and smaller variations depending upon altimeter setting.
Good luck, have fun, and fly safe!