Not to repeatedly plow old ground...BUT...
If the engine and accessory package (oil/air cooler, lubrication system, mixture, etc.) are operating "normally", sustained full throttle would most likely NOT result in a problem while in flight.
Engine longevity over the longer term might or would be affected. In other words, the engine might not make the specified time between overhaul (TBO). Instead of say 1000 hours before overhaul you might get 500-600.
I think the idea that a properly operating engine & accessory package could not run for an hour or more at full throttle with no apparent loss of power or immediate damage is most likey a misconception.
The key in most aircraft engines is to watch your oil temp. If it rises into the red, you better do something different.
In my limited experience with Ranger engines from the time period, it has all depended on the engine/cooling package. I've never had a problem, but my engine was built to factory standard and the oil cooler system is correct for the engine.
I've had friends who have had engines "improved" by rebuilders to use less oil (big tolerances in the engine allow oil to be used for cooling. Some oil is lost in this process; some people try to tighten the tolerances with poor results) and who have had a slightly smaller than standard oil cooler installed (there is a shortage of the correct oil coolers.)
Another note is oil weight. The engine requires 60 wt oil for summer duty. It is a bit hard to find and some guys use 50 wt. There is approximately a 10 degree difference (hotter) in oil temp when using the lighter oil on a summer day. In the long run, this costs you money.
All of those guys had trouble on hot days with oil temps. All of those guys have had their engines fail annual inspections long before standard TBO.
None of them, however, have had inflight problems because of oil temps. It shows up mainly in how long your engine passes the annual.
