To do the job properly you need an EGT gauge. Watch your EGT at take off, full rich and full throttle. What you see at about 50' is what you want to see all the way. You can keep adjusting your mixture to achieve that target, but don't lean it further without closing the throttle, or you risk detonation.
Of course if you are taking off from 5000' you are going to be too rich right from the start and it would be possible to run at max throttle for a short time ad lean till you get max rpm.
I definitely suggest leaning when taxying, but lean it back until the motor won't respond to throttle, just to prevent you taking off too lean. I found that ssaved me from getting fouled plugs in my O-320.