To whatever the engine dyno says is optimal

I've dynode all my racing engine and the one constant is timing has ONE SPOT that it's perfect, I've seen huge losses/gains with just 1* of timing. What happens is it may pick up the hp a little bit, but completely throws the curve out of whack so ultimately you make less USABLE power, the graphs go from a nice smooth curve all the way upto peak power to a very peaky in and out spike.
Nice thing with timing is that it is unaffected by jetting, so provided you have the carb in tune a quick way to find where you need to be, go to a drag strip-
Stage in the same exact spot
Hit all shift points the same
Be sure car engine/****** temps are consistant pass to pass, give say 45 minutes between passes to allow things to cool down for the common daily driver...as trying to go round robin will have a dramatic effect on how the car performs.
Make 2 passes where your currently set, say 36* since that's a common sbc starting point..this is your base line.
3rd pass lost 1* of timing and see if your mph picks up or drops off...if it goes faster/more mph...drop another degree of timing and repeat until it slows down again
Same sequence can be done raising the lead also...more mph equals more power, DO NOT use ET as your guide, ONLY mph.
When you stab the dizzy in for the first time, as you bring the engine around so #1 is on the compression stroke, STOP it so you can put the timing pointer on the 20* mark on the damper, then put dizzy into hole and hold it down while spinning to enguage oil pump drive. Bring it back around to #1 compression stroke and stop the damper again so the pointer is on the 20* mark of the damper...now, be sure the rotor is indexed and pointed at the #1 wire on the dizzy cap. Doing it this way will ensure a quick, sure fire start up everytime. I know a lot of guys put damper on TDC and drop dizzy and then have a buddy crank the engine while they manipulate the distributor to get it to light...lots of wear and tear for no reason, when if you do everything as I described there is no drama, just pops right off like your daily driver, then you can go from there and set your baseline at 36* and tune from there.
Granted mine were all race combo's but 5 of them ended up being set at 34*, had a few at 35*, never any higher...but engines are all different since combinations are different so there is no magic number to achieve optimal performance, it takes tinkering...and that is why I gladly paid for dyno time with each new mill since you can learn more in 1hr that you could in 3 months on track testing/changing...plus if there's a problem your not wasting money it took to get it set/hooked up in the car only to redo all that again, and possibly again until the problem is resolved.