Rich,
I'm hoping that you have an OTC Monitor 2000?
If it's anything like the one I have, lean is anything below 450 mV. Rich would be anything above 450 mV.
Mode 4 gives an exact mV reading on the O2 sensor. All ECM Buick engines will read 450 mV at 'Open Loop'.
I've often wondered why is it that when the engine is in Open Loop and the carb is idling rich, the O2 sensor is still emiting a lean signal?
Though it's contradictory, I assume that one has to wait till the O2 sensor is hot enough for it to emit a proper reading, (600 F).
From there on, (in Closed Loop), one can see that the mixture is constantly changing on an OTC, digital voltmeter, or a mixture control gauge.
As for the rods and hanger, WOT is the only point you're going to be tuning at. On mine it is set for a very rich mixture. When I floor it I can see the gauge light up to the max yellow bars. So I know it's working. Good signs for a decent mix are no black smoke, no charred plugs and the O2 sensor is in great shape and not fouled.
I guess tuning is a touch and go type situation. Besides, my feelings are that most of the more elaborate tuning methods are really for full out racing. This is were constant high speeds depend on an exact and specific mix.