If it is truly not overheating, then it should be fine. Any decrease in engine life will be something like you'll get 1000 flights out of it instead of 2000.
Run a Fox 35 like that, with that prop, and it would be running too lean at the end, and overheating. So you're probably OK.
Try running the thing on muffler pressure -- that has a bit of a speed regulating effect, because as the speed goes up the muffler pressure does, too, which richens the mixture. It'll still lean out, but maybe not as much.