if you want better mileage from your taurus, sell the sho and buy a slo
lean is hot and heat is horsepower, which is why a car is always most powerfull when its on the edge of detonation. alex's turbo sho is tuned for better mileage on part throttle (16:1 i think) and still drives quite nice at that ratio.
lean only starts to **** power when its to the point that it has to start pulling timing because of ping / detonation
A couple of corrections and/or clarifications from my perspective:
A gently driven SHO will get better mileage than any SLO that I have ever seen. The problem is being disciplined to drive a SHO gently...
Internal combustion engines produce max torque at very close to 12.5:1 a/f - this has been documented repeatedly. However, for part throttle cruising, you are not looking for max torque, you are looking to operate at the highest thermal efficiency island of the engine's performance map, and typically a little lean will help that. However, for non-"lean-burn" engines, the NOx levels climb pretty rapidly when you go to the lean side of 14.7:1, so if you have to worry about emissions, you pretty much must stay at 14.7:1 And, going lean quickly reduces power - however at part throttle this may be a good thing, because it means the throttle plate is open farther, which reduced pumping losses and therefore improves mileage.
An engine is developing max torque when its at the edge of detonation because max torque occurs when by maximizing cylinder pressure, which almost always happens with timing advanced as far as possible - even slightly into detonation. The problem is that detonation is not very repeatable, and a little too much quickly results in a dead engine, so the typical manufacturer keeps the timing safely away from that situation. However, the guys who have been doing their own tuning know that a little detonation at part throttle is not something to be scared of, since the cylinder pressures at part throttle aren't high enough to cause damage, and running there can help mileage noticeably.
So, tuning will have a much more significant effect on performance and mileage than playing with valve clearances will.
Since the factory tuning allows you to run regular gas, I would expect both performance and mileage gains could be found by adding some timing and running premium, but I haven't done that to a SHO - but the ohc engine in the Ranger sure responded well to that approach.