Go pull up a few of the many SAE papers on lean burn and lean cruise. The amount of information on the subject is staggering. Unfortunately many in the motorcycle world are in the dark on the subject.
SAE Papers - By Technology - Join SAE for a discount.
The stock bike is tuned to run 14.57:1 (roughly stoich on pump gas - each brand and country is a bit different) at low load, using the stock narrow-band Lambda output. Also, see the datasheets for NTK UEGO units and Bosch Lambda sensors -
Bosch Motorsport - Lambda
At low load (cruise) I have safely run as lean as 19:1 with stock ignitions, and 26:1 with high output CDI systems and good fuel preparation. These are actual mixture ratios taken from a multi-gas analyzer and converted using the Brettschneider equasion
. http://www.allbrit.de/downloads/Allgemein/Brettschneider_Lambda.pdf
At low loads, the cylinder filling is low, and there is a good amount of EGR occuring - this can be enhanced. MANY automotive manufacturers run lean cruise. Many do not tend to go much leaner than Lambda 1 (other than Honda), because NOx increases, and it takes a good 4.9 Lambda sensor or UEGO to read leaner mixture correctly. At leaner mixtures, the free O2 content of the exhaust gases increases and most Lambda sensors read incorrectly - just as with oxygenated fuels and with misfires. FWIW, misfires occur regularly in all engines, it is the frequency of their occurance that matters.
The problem is lean misfire and stratified charge in the chamber - good fuel preparation and ignition can help, as can improved squish.
You will need added acceleration compensation to prevent hessitations and misfires when the throttle is suddenly opened from lean cruise.
It is not hard to have good fuel consumption at cruise, and best output everywhere else. It does make things easier if you have a dyno with low roller mass, and and an EGA, but it is far from mandatory. I used Dynojet inertia dynos to do this for many years prior to what I now own - you can even do it using a PCIII and the "Accelerator Pump Enable" software feature.