Volumes and Volumes of text could be written about what you ask
Just a few thoughts based upon WOT performance
and
Some rule of thumb kinda deals
ROT #1 For years ... sbf's have made their maximum power at .....
36 degrees for a max value give or take a few
ROT #2 Iron heads USUALLY will not like as much spark as Aluminum
ROT #3 More octane is needed for more spark
Now lets get more specific with OUR Stangs
We have the pcm ... don't ya know
It will usually pump out around 25 for a max value
and
That is based upon the OEM dizzy value of 10
If you go to ... say 14 at the dizzy ...........
You have added 4 to the 25 in the pcm for a new total of 29
See how this works here
25 in the pcm PLUS your dizzy value ABOVE 10
Now ... all that is great for WOT

but
It ain't as simple as saying 25 in the pcm + 21 dizzy = 36 total
While those numbers add up ... Your Stang might not like the 36 value
and
As always ... considerations come into play
A list of some those considerations would be .......
Iron or Aluminum head
Chamber design
Fuel octane rating
Fuel ratio
Pcm programming at mid load driving conditions
Pcm programming for different ECT's
Pcm programming for different ACT's
and
For Sure ... there are more
There you have it!
Some info that is just simple basic stuff
and
Some info that might wanna make you ask for more detail
Hey ... It was you who said a ... NOOB ... was looking for some basic info
I think you got some good stuff
considering how much you have had to pay for it
Seriously ... You know other folks will have things to say
about some of those other considerations
but
At this time ... I just didn't wanna type out a novel
Grady