leaning out will save more fuel, but running a hotter engine...
riching out will lose more fuel, but cools down your engine...
run rich if ur setting is the drag type which means shifting gears only when u reach the max hp on ur rpm....
however, the aforementioned tuning is not exhaustive, try 2 get a timing light n check ur current ignition timing compare with yer original stock timing btdc (before top dead centre), i used to have one customized extractor which allows me to advance my ignition timing into 20+ degrees without pinging during idle, but a big pinging during low rpm acceleration though just a lil while then would feel smoooooth all the way till 7k rpm.....
it's an easy job just get a spanner (forget the size), and loosen two bolts above the spark distributor, then rotate towards u for advance or vice versa for retarding, u could hear the engine sounds more agressive or otherwise if u did it correctly when the engine is running idle......after that recheck the timing with yer timing gun n record it for future tuning purposes.....
thus conclusively, tune till the max just before pinging for draggers......