An audio geek point of view...
Twice the acoustic power does not translate to twice the percieved loudness; it takes
about 10 times the power to do that. It's why we measure sound level in decibels, instead
of watts. The range of the human ear from lowest to highest acoustic power is about 12
orders of magnitude- I imagine our eyes are not much different.
While between 40 and 90mW the aging is negligible and probably the result of system noise
My point is this: if I were using the above mentioned diode, I would want to run it at
no higher than 90mW (110mA), the point where it's most linear and not strained in any way,
knowing that the diode could give nearly twice the power, but it won't make that much
difference in what I see, and it will hopefully last without much headache.