There's a limit. It's called spark knock. Hear any yet?

Spark advance is like wing shooting birds with a shotgun. You gotta have some lead for the bird to be there when the shot gets there. The burning of the fuel/air always happens at the same speed, and you want the maximum cylinder pressure to happen at the most favorable crankshaft angle to get the most leverage advantage off the crank throw and piston pressure. This means you have to start the burn before the piston gets to the top of the stroke (Before Top Dead Center, or btdc) for the burn to develop the max pressure with the piston an inch or so down the bore, and the faster the engine is running, the more you have to advance the spark btdc. If you advance it too far for the engine speed, the max pressure will happen before the piston hits the top, so the cylinder pressure works against the engine rotation. Too little advance (too much retard) means you waste power by burning the mixture after the piston has already started down the bore, and it feels like a lot of power loss, and the exhaust overheats because the fire is still burning when the exh valve opens.

I'd set it with a light to the factory setting (buy or rent a timing light) with maybe a degree or two of additional advance at most.

You are most likely to hear spark knock around the torque peak, say 3000-3500rpms. Sounds like rocks rattling in a coffee can.