If you're gonna work the tractor hard all the time your approach is the way to go.
However if the tractor is will be running long periods under light load (raking, pulling a hayride, on a tractor ride, etc) leaning the power mixture noticably reduces fuel consumption. It also helps prevents plug fouling and causes less fuel dilution/soot winding up in the crankcase oil. Also it makes the exhaust smell a bit less objectionable.
Running the fuel mixture too rich will not cause the engine to blow up. It only wastes fuel and actually REDUCES the maximum power developed.
FWIW I run the power mixture on my Super M (same 264 engine as your 400...) about 4 turns open only for plowing and at tractor pulls. Otherwise I run it about 1-1/2 turns out.
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