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Timing will depend on a couple of things. It depends what year C5 you have. It depends whether or not there was any detonation. It depends on Intake Air Temp. It depends on allot of things. But if your timing fell @ WOT, I would say detonation and then your timing was pulled by the PCM. But that's just a guess. Timing varies from car to car. It depends on the car mods & type of fuel being used.
I currently see 31 on my 99 C5 @ WOT w/ no detonation.
For your engine setup, I'd say that 28+ degrees timing at WOT would be the best. If it is dropping off, you could be getting knock retard (real or false KR). Are you using Autotap to monitor the timing?
Yes I am using Autotap and I show on all my files to be around 28. I had my car dyno'd on Friday (first time since my H&C install) and it was 290hp. A loss of 25 hp from before my work. The guy running the dyno said my car is losing timing.