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Based on article about the "Engine Master's" shootout compression seems to rule. One of the top motors ran 12.8:1 at 24* to make 600+HP. There are several sidebars talking about anti-detonation tricks to maximize usable compression, none about the importance of timing.
Engines < 410cid Nat.Asp. and must run on 93 octane.
Good article, Popular Hot Rodding I think from Decemberish.