I think it would be fairly easy to rig up a monitoring system with the install of a crank position sensor and an inductor on the #1 plug wire. Honestly I'm very curious if for no other reason than to see what changes and under what conditions.
@OSS It certainly seemed to have much more power when my distributor was set higher since I was holding speed much longer on long grades before having to downshift. As far as seat of the pants it felt more powerful but that's so subjective I take "feels like more power" with a big grain of salt.
As far as pinging, with burning 91 octane I had no indication with the more advanced vacuum, but if
@Lead Head is correct with the "real world" timing being controlled by the ECU and taking the 7° as just a "baseline" setting, advance while driving possibly wasn't any higher than normal anyway except for at idle with TE1 and E1 shorted. His explanation led me to be willing to try via the prescribed method in the FSM and see if my method really differed in results overall.