I found this article interesting re: ratios and temps.
Tuning Via EGT vs, Wide Band/ Narrow Band Meters
There seems to be a lot of mystery and misinformation about using exhaust gas temperatures to tune engines. Claims by many EGT gauge manufacturers about it being the best way to tune an engine must be qualified. The BEST way to tune an engine is on an engine dyno- PERIOD. What EGT is good for is a reference for where the engine made maximum torque at wide open throttle. Once removed from the dyno, a similar air/fuel ratio can be established at a later date by dialing in the mixture to achieve the target EGT. It is really the AFR that is important, not the EGT. Most engines will make maximum power at an AFR of between 12.0 and 13.5 to 1 however, the EGT may vary from 1250F to 1800F and is dependent on many factors.
It should be mentioned that the target EGT is valid only on the same engine configuration as was used on the dyno. If you change the ignition timing, cams, pistons, headers etc., the optimum EGT may also change. Raising the compression ratio with no other changes will drop the EGT at the same AFR. Retarding the ignition timing will generally raise the EGT at the same AFR. One engine might make best power at 1350 degrees while a very similar engine might be happier at 1500. You can't guess at this or you are simply wasting your money on the instrumentation. Wankel engines have higher EGTs than comparable piston engines due to their lower thermal efficiencies. 1800F is not uncommon here.
Some gauge manufacturers say you should tune to achieve maximum or peak EGT for maximum performance. This is incorrect. Peak EGT generally occurs at an AFR of around 14.7- 15.0 to 1 on gasoline. This is far too lean for maximum power and is dangerous under continuous WOT conditions. Many people think that the leaner you go, the higher the EGT gets. This is also incorrect. Peak EGT occurs at stoichiometry- about 15 to 1 for our purposes. If you go richer than 15 to 1, EGT will drop and if you go leaner than 15 to 1 EGT will ALSO drop.
It is VERY important to know which side of peak EGT you are on before making adjustments. It is safe to say that peak power will occur at an EGT somewhat colder than peak EGT.
(BOLD is mine)