22 degrees ignition timing

In advancing my timing, I went all the way to an idicated 22 degrees with no pinging under any load or under any amount of throttle. I run 91 octane gas.

Even though I drove it like that for a day, the thought of 22 degrees freaked me out, and I brought it down to about 18. I'm reading the timing using my timing light, spout connector out, and I'm taking the reading at the pointer. In other words, I'm pretty confident I'm reading the timing correctly.

My questions is: Since I haven't gotten the engine to ping at all, am I sacrificing power by not advancing the timing further because I'm afraid out of having it set at 22 degrees +?

Thanks

Thanks for the input, guys.

I've never corrected a spun balancer, or installed one. Would you mind a little 'how to' on checking it? (I assume it involves pulling it off and checking some marking on it and the timing chain assembly?)

Thanks.