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The higher octane fuel will allow the timing to be increased a bit and will allow a bit more power. Since the C5 is set up to run the high grade stuff from the get-go, you'll end up with alot of detonation (pinging) by running less than premium fuel.
The SERVICE manual states use "91 octane or better." Anything higher than 93 won't make a difference on a stock engine. The higher the octane rating, the less the engine will detonate...and you won't get any detonation with 93 octane, even on a hot day. Higher octane than 94 may cause a slight power loss due to the wrong burn rate. C5s have a propensity for slight pinging at lower rpm on initial throttle tip in, but it hurts nothing. I would always try to get 92 octane (I'm at 3300') to make sure I'm not getting timing retard, though.
The wife put a tank of 87 oct in once power was reduced to the point you could feel the diff. also the gas milage droped from 21 to 14 mph.. would not recommend any thing less than 93.. my 2 cents.