So should I be waiting for all the cylinders EGTs to peak? Or should I enrichen the mixture after detecting the 1st peak? I believe the EGT turns to blue and negative after the first cylinder peaks. I was also told by a CFI that if I set the mixture lean of peak then I will burn a whole in the exhaust because the engine will be so hot.
Not sure of your set up or year, but I would go by the poh. Typically with the perspective lean assist for rich of peak, you set power to what you want, typically 75%, fuel boost off, unless you need it for vapor suppression ( really hot day). Cirrus recommends pulling until the first cylinder hits peak, then enrichen until -75 degrees. That's it. For lean of peak, set the power to about 67%, lean until the last cylinder is at peak, then keep leaning until -50 degrees. And that's it for LOP. Cirrus doesn't want the engine run above 65% power, LOP, you'll see the power decrease as lean, that's why you start a little higher. These numbers assume you are running the Continental engine, which it looks like you are.
As others have mentioned, you don't want to be at peak for very long, that's where you can have problems. Leaning is like religion, there are a lot of different opinions out there. I rent, so I run the way the owners want it run, which is per the poh.
On Cirrus approach, they have some pretty good videos on this stuff. You have to buy them, but worth the money.
Time wise, rop doesn't really buy you that much on shorter trips, and lop will save a lot of gas. When you rent wet, it doesn't matter that much though.