right now my car runs normal and the timing is off either advanced or retarded.
What will happen if my timing is too advanced(crankshaft timing respected to camshaft timing)?and when will you know that you are too advanced? one of my friends who took autoshop classes before saying about something internal of the engine will break????? and what if it's too retarded?

gasmileage?
power?
throttle response?

if it's advanced, do i need higher octance of gas to operate the engine?

again right now the car runs normal, but the timing is off.

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1992 Ice Metallic Blue 2.6 (jun 2003)
Euro Headlights (sep 2003)
Clear Corners (sep 2003)
Dual 3" square tip OBX Muffler (feb 2004)
H.I.D. (Hella ballast, philips D2S) (oct 2003)
17" Chrome Lorinser Rs90's(dec 2003- feb 2004)
Refinished Head (shaved+new seals) (mar 2004)
New Head Gasket (mar 2004)
New Water Pump (apr 2004)
New Ignition Lock Cylinder ( apr 2004)