that doesn't quite make sense, if peak EGT is say 1450 deg F, and 50 deg either side means the temps are 1400 deg F lean or rich, how can one 1400 deg temperature be a different temperature than 1400 deg? sure, you are correct in that the conditions are different at the point of combustion, with different amounts of oxygen/fuel ratios, but the temperatures are identical and always will be. as for harming your engine running LOP (lean of peak) at full throttle, i have to strongly disagree.
i have seen live data on an engine run, and CHT's drop just after the EGT's drop on the Lean side of peak, and internal cylinder pressures drop off rapidly as well (less fuel and more air = slower combustion and better cooling as more air is left over doing the same job as excess fuel at Rich of peak) , and from the data, it is the Internal combustion pressures that have the strongest influence on CHT's its the reason that Pre ignition, and detonation causes sudden increases in CHT's as its increasing the internal pressures quite substantially, a normal running engine will have internal pressures up to about 800 PSI at the peak of pressure, whereas during a detonation event, it might hit 1200 to 1500 PSI depending on its severity, but the real killer is a pre ignition event, where as the peak combustion pressures hit at TDC, causing pressures to spike well over 3000Psi, destroying rings,burning holes in pistons, valves etc.
Now think of every cylinder in the engine as a completely separate, single cylinder engine that shares a common crankshaft with other engines.
the bad rep for Lean ops came from poor ability to control the mixtures accurately, to operate very lean of peak, you need to ensure that every cylinder has the same or very similar mixtures reaching it, so if you lean to say 50 deg Lean, one or 2 cylinders might be just at peak EGT, another might be 40 deg Rich, right in the middle of highest internal pressure zones and severely detonating, and as you could imagine, every cylinder creating a different amount of power, running at different mixtures creates a rougher running engine.
but with modern instrumentation, on every cylinder, you can now see where every cylinder sits on the EGT trace and get them all in the safe Lean of Peak temperature zone. Sadly a lot of aircraft engines do not have any way of altering the mixtures between cylinders unless fuel injected, or through redesigning the intake manifolds. (have a look at the difference in lengths of each intake tube to every individual cylinder and see how vastly different some are. or how similar some are and think how it might effect the mixture reaching each separate cylinder and its output.)
have a look at the video on this page, http://www.gami.com/articles/frugalflyer.php and have a look over this site http://www.advancedpilot.com/, and yes, i have done the seminars and seen the results in real life,i was amazed by the stuff i thought was true, and had to re-learn, but the real time data doesnt lie.
and here is a vid taken from a Baron, showing the results of leaning past peak EGT, and note the CHT as he does it.
this is also a good read and explains a lot. (more starting at the 1/3 down the page)
http://www.advancedpilot.com/articles.php?action=article&articleid=1838