If you are getting pre-ignition, retard it a bit, maybe 5 degrees.
Each engine is slightly different so there is no magic number. It is a matter of experimentation. You will need a degree wheel on the front pulley and an indicator arm and a timing light. First read what advance you have at a high idle, about 1,000 rpm. Then adjusting the timing for about 5 degrees less advance and go for a drive. If you do not have pre-ignition but the performance is the same then you are finished. If the performance is down a little then advance the timing about 2 degrees and go for another drive. Keep experimenting until you are satisfied with the performance. The timing will be different at different rpm's so try to read the advance at the same rpm. Use the hand throttle at the same place each time.