It will melt the GP tips and throw metal slag through your turbo, damaging the turbine wheel. Plus alot of other fun damage along the way.
There is a trick I used quite a few times before I got my meter, it should get you pretty close and mostly keep you away from being too far advanced: Use the cold start advance. (unplug it, and use a long hotwire from the battery to switch it on and off) When you're close to where you need to be, you will hear a noticeable difference in the sound it makes while idling. With the advance on, it should sound like your old powerstroke and have a pronounced rattle to it. However when you unplug it, that rattle should go away. Leaving it sounding mellow and growly. If the rattle doesn't go away, then your too far advanced. If you don't get that rattle, then you still have room for advance.
It takes a while, and is pretty subjective, so err on the side of caution.
You may also want to invest in a ferret adapter and timing light if you plan to keep an IDI around. It is not a very large investment, actually not much more than a shop would charge to look at it, and then you will know where your timing is at.
Your MPG does sound a little low for unloaded. How many miles are on the fuel system? What are you running for fuel addative? What are your EGT's?
And you might also want to try filling your fuel filter with atf, run it for 45 seconds, then let it sit and steep overnight. That cleans out your IP and injectors rather well.