This one is a pump turn up thread, but........I got that # from a lot of study on RV boards. They are a large user group of the 8.3L and always in hard quest for more power and fuel mileage.
If I remember correctly, our timing is a very conservative 10 degrees.
The general consensus was that the largest single impact it has when done alone is fuel economy. From there, each power mod would have a larger effect once the timing was bumped. It also supposedly lowers EGT's. 16 degrees was the do-not-exceed value to keep reliability for stock 8.3L block/head/gasket/bolts. Besides the head gasket letting go, the block top deck surface on 1990 produced engines and slightly older are prone to cracking if pushed hard with very aggressive boost and timing figures.
There are a few different ways to set it, detailed here in the 8.3L mod thread and the free online Cummins Quickserve parts and service web database. I don't think many here have done it, myself included, just studied deeply how to on all the several ways. A few here may have, but not many. You can do it in your driveway via injection pump gear clocking, or send your injection pump out and have the injection timing changed internally (easiest way, about $150, then pin time to re-install the pump, easy gravy job).