The control labeled "throttle" isn't really a throttle. It is a RPM control hooked to the governor. The governor controls the real throttle (the carburetor butterfly).
There is nothing wrong with running at reduced throttle with non-PTO implements during low load conditions, except maximum ground speed will be lower and lift capacity will be reduced. However, these engines are designed to run at maximum speed, with the governor adjusting the real throttle according to the load. Kohler, for one, even calls the two throttle extremes low idle and high idle. Running at other than high idle will result in less cooling air and reduced oil flow. Running at high idle, while taking it easy with the task at hand, should result in better lubrication and cooling than throttling back.
With some PTs, there is another issue to consider. That is the PT designed and built muffler. I know mine was defective, either through design or manufacture, and choked off the engine badly. When I junked it and installed a Kohler muffler, fuel consumption dropped dramatically and run-on disappeared.
It may be that engines that still have a PT built muffler will benefit from running at a lower throttle setting, if the muffler can't flow enough exhaust at the full throttle setting.
Anyone running gas with ethanol in it should also be aware that the ethanol raises exhaust temperatures in these engines. I opened a thread on the subject
here.
It seems possible that the combination of a defective muffler and ethanol in the fuel raises the operating temperature of these machines to the point that running them at their full rated output will likely result in early failures, along with very high fuel consumption, in which case, throttling back seems like a wise thing to do.
Each and every owner needs to evaluate their own unique situation and fuel, modify, and or/operate their machine in a manner suitable to the circumstances at hand. Unfortunately, there are no magic answers.