In theory, best power is at a ratio *slightly* richer than stoichiometric (the perfect air/fuel ratio). Richer than this is not really harmful to the engine but will not increase power and in fact will begin to lose you power the richer you go. You will also get problems like bore wash and plug fouling with too rich a mixture. And the obvious fuel economy problem.
Too lean is probably worse though. When you run too lean, you will still have a fuel economy problem because there is not enough fuel for the amount of air and its an inefficient burn, wasting fuel. The big problem is with detonation (pre-ignition): the leaner you go, the more certain it is to happen. This is a very common problem with turbo powered cars that are running more boost than usual, unless they take measures to stop it like using higher octane fuel, low compression pistons, water injection, bigger intercooler/chargecooler, ignition r****d etc.
If you were to plumb in a turbocharger onto your 172, without any other form of ECU reprogramming, and no means to deliver a lot more fuel, you would hit detonation straight away and be left with a big engine problem! As long as you can supply enough fuel, in the right amounts to match the boost that the turbo is providing, you can keep the air/fuel ratio correct - leading to the power you would expect when using a turbo.