1: Peak Torque is the RPM at which your engine makes the highest torque. At this RPM cylinder pressure is highest and pushing on the crank the hardest, as the highest pressure point, it is required to richen the mixture for safety and to further increase the amount of torque created. For stock roadsters, target 2800 as peak torque and you will be close.
2: Cruise is when you are maintaining a steady speed at a steady RPM with a steady throttle position. It is usually a very low load condition requiring very little power and since it is such a light load, it can run a leaner mixture safely to conserve fuel.
3: The leaning a few tenths part. He means lean out the mixture from say 13.1 at WOT to 14.5 at low load/low RPM cruise. As you increase throttle inputs make a smooth curve which increases the AFR from 14.5 to 13.1 in smooth increments to maintain a safe/healthy mixture as the load gradually increases.
4: Stoichiometric mix for gasoline is 14.7:1, as most people round it. In reality, with ethanol added to gas in our world it will be slightly more rich, like 14.5 +/- a tenth or two. It is perfectly safe to cruise down the freeway at 60mph, 2-3 % throttle, with 14.7 or 15 to 1 ratios. Zero risk to the motor whatsoever.