40 degrees initial!

You can turn this to your advantage by saying ;
If your engine will accept an increase in timing, then you might simultaneously be able to lean it out.

That is partly how I got 32 mpgs(hiway) out of a 223/110 cam. The other part was bringing the rpm way down to; 85=2040/65=1560. Of course the 180 plus psi cylinder pressure probably had something to do with that as well.

The reason it needs a lot of timing is because the mixture isn't that good and requires more time to get the flame front moving. When the mixture is less than ideal it requires the energy to heat the mixture to get to a point where it will burn. Energy that is used to get the rest of the combustion going is wasted instead of pushing down on the piston.

What was your total timing with 180 psi?