Sorry Ken, but yes 11.6 is overly rich. I can't tell you how much power difference it will make, without knowing what sort of timing you are running and the type of motor you are running.
Many people in the DSM crowd have got it wrong. There is such a thing as too much timing. There is a point called MBT (Minimum advance for Best Torque) and you can exceed this point without knocking. If you are past this point and are adding fuel and getting more power, you are doing so because a) you started to burn the mixture too soon and b) by adding the extra fuel you have slowed down the flame velocity. You are basically getting back to the point of making best torque.
A slow controlled burn does not make more power. A fast controlled burn makes more power. People turn to race gas for the Octane.
Octane is basically the fuel's resistance to knock. This means higher Octane is related to higher activation energy (amount of energy[heat!] needed to ignite the mixture).
Higher octane does not make more power. With high octane you get to move your timing to MBT which means more power.
Latent heat is the amount of energy released (or absorbed) in a phase change process. So when you vaporize the extra fuel from running stupid rich, you take out some of the energy (heat!) in the charge.
An example of this is:
If you go from 12.5 [about best power] to 11.0 [stupid rich] you extract 3.8 kJ of energy per kg of air in the charge. So your charge air has 3.8 kJ of energy less. The specific heat of air (amount of energy required to change temperature by 1 degree Kelvin) is about 1. So by going from 12.5 to 11.0 you make the air 3.8 degrees Celsius[8.8 deg f] cooler, which is insignificant.
Basically being richer than 12 is useless, being richer than 12.5 is useless, but that is usually the accepted margin to compensate for various external factors.
Here is a hint for those concerned with safety..
Latent heat of Gasoline: 350 kj/kg
Water: 2260 kj/kg
There is a reason why when you let me build/tune a car it will set a records for volumetric efficiency.
Edit: Ben helps too.... sometimes