I would like to know if/why you would get any performance gain by advancing the timing. I have a theory but I don't want to look silly by posting it yet. If anyone has done this please post your comments. I would also like to know if a modded exhaust helps or hurts. Thanks!

------------------
92 Camaro RS LO3, 5-spd, T-tops
Performance:
SLP 1 3/4" Headers (Coated by Paul Barry Motorsports), Flowmaster Catback Exhaust, Fastchip Performance PROM, Centerforce Dual Friction Clutch, Xact 8mm wires, Open Air Element w/K&N Filter, Z28 Grille w/aftmkt fog lamps
Electronics:
Alpine 8030 Alarm System, Valentine One Radar Detector (How did I ever drive without one?), Pioneer DEH 7450 Head Unit w/6-pack CD changer, Pioneer DEQ 7600 Sound Processor, 2 Kenwood KAC-846 Amps powering 2 12" Pro Red subs, 2 Pioneer 6x9 and 2 MTX 4x6 speakers.
NEXT UP: TBI mods, Edelbrock performer intake

 

Advancing the timing improves performance unless it causes pinging. Advancing the timing also tends to produce a quieter exhaust since the combustion process is started earlier and the cylinder pressures are lower by the time the exhaust valve opens. Once again, this assumes that you haven't advanced to the point of pinging.