Regarding the "altitude" thang...and we're talkin' carburetors here...not fuel injection...
If you have a carb jetted ragged edge for your "normal" operational elevation, and you are running the ignition system at maximum advance for the fuel grade used (in my case, always "regular" whatever that means at that point in time), then occasional detonation (ping) under heavy load can be experienced. And that would be with a distributor that has been "curved" for max performance, not a woreout oem distributor.
That basically describes tuning one of these motors for max power/burn efficiency and charge density (non-heated intake manifold) and has nothing to do with "factory spec", "emissions spec", etc.
Then without changing anything except the operational altitude...the rule of thumb for non-forced induction, gasoline-fueled engines is for a 3% power drop for every 1,000ft. Increase in elevation. And likewise, that represents an approximate 3% in air/fuel ratio "richness" over the same range. Again, this is rule of thumb/seat of pants stuff ya can take to the bank.
Most folks don't wanna re-jet a carb unless they May be staying at a different elevation for an extended period of time. Some improvement in drivability May be experienced by tweeking the idle mixtures though, but then when the elevation decreases, another adjustment will be needed.
The increased richness due to the lower air density at altitude will actually tend to "cool" the combustion charge, allowing a slight increase in base timing without going into detonation. It serves to "mask" detonation in a roundabout fashion.
Adding an adjustable timing control to an add-on capacitive discharge "box" such as an msd 6 series, or the mallory 6 series allows the base timing to be electronically controlled from a dash-mount potentiometer control specifically mated to the box being used. The result is a driver May vary the ignition base timing while under way, based upon fuel octane and carb jetting, thus allowing a possible increase in performance which May somewhat offset the lack of performance created because of the operational altitude.
This is not for everyone to diddle with, only for folks that like to scruu with stuff that ain't broke! But especially helpful when using old iron for towing duty in mountainous terrain. My typical pattern of usage throughout the years takes me with and without the 6500lb. Trailer from sea level/1100ft. To 10,500ft. (shophouse elevation is only 670ft.), at ambients of 5*f>95*f on many days. My engine setup runs well from sea level to about 7200ft. Before it really starts ta suk! An adjustable timing control May really improve that sitch...my only concern in this regard is fuel economy when towing at max capacity. 0.5mpg up or down really affects my budget onna 10,000 mile trip. And in just local backcountry rides we can go up to 5300ft. In under 20 minutes.
Tweeking the knob while driving by the tach and vacuum gauge soon becomes routine when you are trying to squeeze out the last drop from a dollar! Most especially say on a looonnnggg continuous uphill pull such as baker grade on I-15 'tween lalaland and hellvegas, or 'tween kingman, az and flagstaff, az eastbound on I-40. Roswell, nm to santa rosa, nm is another killer pull!