There was an article in Classic Motorsports magazine a few years ago about timing and jetting on a Bee. They did their tweaking on a dyno, and were (of course) going for max power. I remember that, on the timing side at least, they found max power by backing off a couple of degrees from "just before it pings".
I'm not sure how that translates to efficiency, if indeed it does, at part-throttle.
-soD
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