Unless the engine is significantly retarded in terms of base ignition timing I doubt you will gain from advancing the base timing. You can advance till you hear pinging..but the thing is you won't notice till you drive down the street or lug it up a hill slightly in 5th or hot day etc by that time you are pinging badly and not doing the engine any favours. Buy or borrow timing light and look for mark on crank pulley. Bridge diagnosis terminal and check timing. Timing shouldn't be out unless somebody has played around with it.
I put the dizzy cog on 180 degrees rotated once and this caused me to not be able to get the base timing right was either too far advanced or retarded (put new inner dizzy seal in)...so had to swap it around. Some people play around with cam timing..i.e changing relationship between intake and exhaust cams (usually using adjustable ones) but I wouldn't bother.
If your engine is running well I wouldn't play around with it too much..check timing you should do, if your curious at comp - go for it, could get injectors flow tested - or ultrasonically cleaned.
Good luck with it.
PS Mine is running with 10 deg advance pretty well, wouldn't want to advance any more on standard fuel. THe thing is if you run 98 octane and tune for that , then you may get stuck somewhere where they don't have it and have to put the normal stuff in. I'm not sure how many degs extra you can get if you run 98 octane (maybe 3 degrees??)..is it worth it (For what 2-3kw?)