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One night I played with my timing while at the track. I started at 6, went to 8 and gained 1mph, went to 9.5 and gained another 0.5 mph for a total of 1.5 mph. I hvae seen others go as high as 12 w/o pinging.
Scorp is right; it depends on what your motor likes. You realy need a scan tool (or time slips) since the ECM may be pulling timing before you can hear ping. I have never heard ping with the Vette but the scanner showed knock counts.
I just pulled 2deg, back to +6deg due to knock counts and spark retard at WOT. I may have to pull another deg or two to remove a copla remaining knock counts. But I'm now running a HyperTech Stage II chip which may be giving me a little more advance at WOT.
For optimum timing you need to burn your own chips. But yes, you could see some improvements. With more efficient heads you will not need to run as much timing. Currently under WOT I have my spark advance set to no higher than 29.2*. With the stock chip I would bet you are somewere around 38*-40*. I can't imagine you need more timing than that, but every engine is different.