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advancing the timng improves all around performance. Retarding the timing will improve gas maileage, but reduce overall performance.
That is why on older trucks when you mash the pedal, the vacuum advance advances the timing for power, and when settled into your speed, raising the vacuum, the timing retards improving fuel efficiency.
When advancing the timing, the old hotrodders trick is to advance it until it will barely turn over when you start it, and then back it off just to get rid of the pinging. It works.
I don't think retarding gives you more torque as much at it allows you to put a heavier load on the engine without it pinging. Typically advancing will give an engine more efficiency and thus more power to a point depending on fuel type and compression ratio. In my '69 F250, more vacuum as well as higher RPM will advance the timing. When you mash the pedal, vacuum is lost and the ignition retards some to prevent pinging.