At lower altitudes, the air pressure in the combustion chamber, and the external atmosphere is higher. The process of combustion will be faster with more pressure, so we might slightly advance static timing, or more conveniently thru the octane selector to account for slower combustion.
Spark timing that is too advanced will put excessive wear on an engine, and miss the ideal moment of crank rotation. Ideal timing produces the best situation for both driving torque (not too retarded) and compression braking (not too advanced). Cold air and fuel needs advanced spark timing. Running EGR requires significantly advanced spark timing. Higher octane and ethanol blends require more advanced spark timing. Higher engine compression ratios requires less spark advance, and, there is less compression for a given engine-build at higher altitudes.
The relatively big issue is that there isn't enough air to completely burn fuel at altitude per a given volume of air. So altitude is primarily a matter of opening up the throttle plates in the carb, and adjusting your jet sizes. They call it 'stoichiometric' when your air/fuel ratio is balanced enough to not significantly deposit carbon (and waste fuel) and not to damage your engine by burning up components with excessive oxygen.