ignition timing is pretty much controlled by ECU these days so unless there's a dramatic call for reprogramming your ECU to accommodate specific fuel type that you use, otherwise, don't play scientist with your ignition timing or you may suffer from severe engine damage due to detonation.
Yes, the old trick calls for the manipulation of ignition timing (rotation of distributor or vaccuum controller advance profile, governor spring tension, etc.)to take advantage of the fuel type used and most obvious signs of performance improvements typically comes from advancing the ignition timing a bit (not too much to the point of causing/inducing detonation).All these factors are pretty much determined by the specific engine designs, compression ratio, combustion chamber designs, amount of combustion chamber deposits and carbon deposits accumulated, specific operational conditions, etc. and no 2 engine would behave the same if you try to mimic the same amount of ignition timing advancements (some engine designs are less tolerant to high degrees of ignition timing advancement).In other words: some engine are more capable of accepting a high degree of ignition timing advance w/o experiencing detonation while others may not.
Computers are very smart these days in a sense that it is capable of auto-adjust/fine tune the ignition timing for a specific engine design to take advantage of the fuel type used, and thus there's no need to play scientist/#@$%!/engineer in hopes of squeezing extra hp out of a said engine.
Also: despite the higher octane achieved by adding additional ethanol into the gasoline mix, it also actually alters the flame propagation behaviour/speed somewhat, so that may be the cause of some driveability issues in some states RE: E85.