Aaronw,

You might take note of the EGT indication during your initial climb.
Then, when you climb further and leave the power setting as it is, the
EGT will drop. It would be safe to lean so much that the EGT setting
will climb back to the take-off value. Howeever, you should probably
select a climb speed higher than Vy in order to cool the engine better.

--
Thomas Borchert (EDDH)