[color:"red"] ***EDIT*** [/color]
I won't get into plug indexing, where you shim the plugs to get them in their respected positions, the same position in all cylinders... indexing changes the heat range of the plug and requires some fiddling to get it right.
I just happen to find this article while thinking more about this thread... you do know your stuff, Thief!
How you can read spark plugs and select them "So how can you tell whether you've chosen the right heat range? It's easy: a spark plug should be getting hot enough to keep its insulator nose completely clean, with all deposits burned away, but not so hot that its electrodes show signs of serious overheating. These are things to look for on a new plug that has been subjected to a few minutes of hard running. After many miles of service insulators acquire a coating of fuel deposits, with some coloration from oil in two-stroke applications, and there will be some erosion of the electrodes even when everything is normal. Don't try to read old spark plugs; even the experts find that difficult. New plugs present unmuddled information about what's happening inside an engine, and can give you a complete picture after just minutes of hard running. At least they will if they're running hot enough, and that should be hot enough to keep the insulator clean.
It's impossible to separate the question of ignition advance from the primary evidence of spark plug overheating, which is most strongly shown on the plug's center electrode. If you inspect this electrode's tip with a magnifying glass and see that its edges are being rounded by erosion, or melting, then you know there's overheating. You should also have a close look at the tip of the ground electrode, checking for the same symptoms. Finally, inspect the condition of the insulator, which should be white but with a surface texture about like it was when new; a porous, grainy appearance is evidence of overheating. If the signs of overheating are confined mostly to the center electrode you can bet you're using too much ignition advance. Retard the spark timing in small (two or three degrees) increments and as you get close to the optimum advance you'll find two things happening: first, the whole plug will be running colder; second, the center electrode will begin to acquire a film of fuel deposits extending out from the insulator nose toward its tip."