I have done a carb and timing at the same time. I got a digital timing distributor for a 1972 Super Beetle and a bunch of jets. The idea was to get it to run lean at low loads and then rich at high loads. Then the timing is set to where it makes the most torque at each load (vacuum) and RPM combination without any pinging. Torque was hard to measure without a dynanometer, but some cones and a timer kind of worked. If it pings it's important to set the timing advance back at least a couple of degrees to prevent pinging. The results were I got right at 30 MPG average with mixed driving.
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