I've gained about 10 HP (out of 213 RWHP) on my Mustang just by adjusting the timing, tried different springs and base timing with MSD distributor. Basically, it depends on how bad was your setup to start with. Mine was after I've paid other people money to do the dyno tuning and, judging by results, they've mostly screwed up.
The problem is that changing parts with the car on the dyno is expensive, you still pay for the dyno time while you're working on the car. So it's best to come prepared with a plan and either parts that can be adjusted quickly or ready modules that can be swapped quickly. Don't forget to write down, what configuration gave what result, or you'll lose track quickly.
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