Lancair Legacy io-390 (200hp) engine choice??

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Hi,
I am looking for information advice from pilots or owners of Legacy planes with IO-390 type engines (200hp range)
How is the difference in performance in comparison with IO-550,
Of course the IO-550 is stronger, but the IO-390 type is also lighter..
Does the IO-390 become too weak?
does the plane become too light in terms of weight and balance?
Longer takeoff?
too slow climb ability in mountain areas?
Any range improvement from less weight?
Any other comments that You think would be interesting ?

Any comments are very welcome...

Michael

I run an IO 360 with 10/1

I run an IO 360 with 10/1 compression which on the dyno turns 230HP.

I have it in a Legacy FG, 600 hours, no problems, cruise is 160 Knots, 9.5 gallons per hour, MT prop. Engine was new and built by Lycon in Visalia CA, a well-known and reputable builder of experiential engines. 

Much less weight than 550, lots of room to work on it, if you are looking for a dependable and east to maintain engine talk to Ken at Lycon