Well in general, retarding the timing increases white/gray smoke, increases carbon emissions in terms of CO2 and CO and on the bebefcial side it reduces engine noise and NOx emissions. Advancing the timing gets somewhat better fuel mileage to a point, increases power, again to a point, and reduces EGT to a point. A compromise is what the book specs are and they specify around 8.5A*BTDC at 2000 rpm with the pulse method or 1.5-2*ATDC with the luminosity method. Actual best case timing can vary especially with the luminosity method based on fuel quality, what level of risk you're willing to accept for a few more HP and how much black smoke you want to tolerate. Advanced timing gone too far can easily start to break things and before that can begin to cost you more in terms of excessive fuel consumption. A pyrometer and careful calculation of your fuel mileage would be beneficial in determining where you want your timing to stay.