Now that I've managed to quit laughing at some of these ridiculous replies, I'm gonna take a stab at this!
I own a commercial mowing business. We mow approximately 15,000 acres a year. Just to pass the time, I've had operators experiment with different mowing techniques. One is varying throttle and ground speeds. FIRST and most important variable is ground speed. That determines quality of finished cut AS MUCH if not more than blade speed. There's a sweet spot in the speed range where safety, efficiency, and time spent reach their zenith. Several of the tractors we use have IVT transmissions. Ground speed can be varied with little regard to engine speed. Then we try to establish an engine/pto speed that gives us the best fuel economy in conjunction with a suitable quality of cut. With a total of 16 tractors, of which there are 7 different models/brands, we've established there is NO hard and fast across the board "rule" that applies to every one. Mowing conditions also need to be taken into consideration.
OK....Bottom line....in SOME cases, running engine UNDER rated PTO speed is more efficient. In SOME cases, running AT rated rpms is most efficient. And in ONE instance, running ABOVE rated rpms gives us the best results. Long story short...No set answer.
SO....IMHO, which is based on (literally) 10's of thousands of hours under the gun, the best I can offer is, "it all depends".....
My opinion? Try several throttle settings over time and see what works best. Don't throttle down so low as to labor the tractor beyond reasonable limits. See what happens.
Just for argument's sake.........One particular tractor I own, by running 250 engine rpm BELOW rated PTO speed, saves around 12 gallons of fuel per 8 hour day, while accomplishing the same amount of acreage in that time by adjusting gearing up to maintain ground speed. That's a 140hp tractor with a 20' batwing, mowing in dense grass/weeds approx. 2-1/2' tall. YRMV
Bill