maybe just a newbie question..but help

You could run more, but there comes a point where you stop making more power with the advance. Personally, I'd set it somewhere between 14-16° and forget about it if there's no pinging. If you're planning a tune at all, then set it back to 10° and do the advance from within the tune.

I'd run either 5w30 or 10w30. Why does your friend insist on heavier oil than recommended by Ford from the factory?

the heavier weight oil is not needed. plus in colder climates it gets alot thicker.

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

Grady pretty much sumed up the timing part.

As for the oil, is it gets 0* or colder alot then go with 5w-30.

If it is normally above 0*, you can go with 10w-30.

As said before, the colder it is the thicker your oil will become.