Running lean can lead to tremendous improvements in efficiency. Most industrial gas turbines and jet engines run as lean as possible without creating excessive NOx (created in large amounts above 1800F - lean burn leads to very high local combustion temps). The same combustion requirements that define turbine operation are also at play in our engines.
Many newer engines (and even older engines back to the Chrysler products in the 70s) have lean burn engine controls. The benefit of a lean burn is that the engine is effectively detuned so that it makes less power at wide open throttle. Since an engine is most efficient at wide open throttle, this allows the engine to run at a more efficient point. Then, when more power is needed, the fuel management system provides more fuel to increase total power output. This is EXACTLY how diesel engines work, and is how the newer direct injection engines are being designed.
That being said, we do not have the combustion chamber design, or fuel controls capability, to adequately and safely vary the fuel flow in our engines throughout power/throttle/rpm ranges. So, we are stuck with one setup for daily operation. Running slightly lean might not hurt your engine, but the gains in fuel mileage will be negligible compared to the possibility of frying a piston. I'd suggest getting a fly screen for the headlight to improve fuel economy before trying anything with your carbs.
Camelman
Running lean also creates more smog.