First, the Operator's Manual on the O-360-A engine (which is what you probably have) says the max CHT at the bayonet location is 500F in all flight phases. However, the note to that says "for maximum service life of the engine maintain CHT between 150F and 400F during continuous operation."
Second, the Lycoming Flyer Reprints book (1996 edition) says "the engines have benefitted during continuous operation by keeping CHT below 400F in order to achieve best life and wear of the powerplant. In general, it would be normal during all year operations, in climb and cruise to see head temperatures in the range of 350F to 435F."
Other interesting points from the Reprints book include the following: "If an engine has bayonet probes in all cylinders it is not unusual to see variations in CHT readings...as much as 150F on engines with float-type carburetors [due to] the kind of distribution of fuel and air to the individual cylinders." Our Cheetah had a JPI EDM-700 with four probes, and I regularly saw 75-100F difference between the front and back cylinders of the O-320-E2C with STC'd high compression pistons. However, our current Tiger (also with a Lycoming O-360-A engine) has a very good baffling system (better than the Cheetah's) and I usually see only a 30F spread from coolest (#1) to hottest (#3).