Riff Raff, your post is a good one, although I would just want to clarify a couple of statements:-
A leaner mixture means less oxygen atom pairs are available for combining with each fuel carbon atom (creating CO2).
A leaner mixture is the opposite: one where there are less
carbon atoms than there are
oxygen pairs (i.e. more oxygen than fuel)
As for the original post asking why racing engines run rich, the reason is because they can.
..I'd say its because they can
and because no
real engine has a completely truely homogenous charge... it is impossible to achieve an
exact mix in the cylinder, and therefore to ensure that all the oxygen is burnt (oxygen intake quantity being the limiting factor to an engine's power output at wide open throttle) a "little bit"* more fuel must be injected to make sure that all the oxygen is burnt, therefore the mixture
must be slightly richer (than stoichiometric!) to achieve maximum possible power.
* The definition of a "little bit" depends on how homogenous the charge is, and this depends on a lot of things.. injector/carb design, inlet tract, injector timing, cam timing, etc. Good engine design probably arrives at a point where the charge is near homogenous, so the extra amount of fuel will be only slightly over stoichiometric, but it won't ever be under stoichiometric (what engineers call "lean") -because that means there's oxygen in your cylinder which you've spent a lot of effort to get in there (bigger valves, longer exhaust duration, intake and exhaust harmonics etc) which you're not using -and that's means there's untapped power from your engine.
..hence why a performance engine runs rich!