Emissions a bit out at IVA on monday.

mine where: CO was 0.0, HC was 189, but lambda was a bit high at 1.666.

needs to be CO 0.30 , HC <200, Lamdba 0.97 - 1.03

Does this indicate it is running a bit lean?

Yes, thats lean. Lean enough that what fuel there is doesn't burn well and is giving highish HC as well as the high lambda from unburn't O2, but CO low enough for the cat to elliminate it.
What year R1? Have you got a PowerCommander on it? If so you'll need some extra fueling around the IVA test areas of the map. Can you get it to a friendly MOT center and play about on thier meter. Whatch you don't melt thier probe though. If it's a late R1 withAIS valves it might be worth also trying with the pipe bunged up.
It's a balancing act to get it right with an open loop circuit...

Yes quite lean, as above, you running powercommander? if so richen it up around the IVA revs....

It's a cab'd r1 so no pc to play with.