Ignition Timing - mercruiser

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I have a Sea-Ray with a 4.3L Mercruiser inboard (aprox 1991) It has a sticker on the back which says use 87 Octane fuel. In the UK standard unleaded is 95 Octane, so
1) Is the measurement method standard here and in the USA and if so
2) Does anyone know what timing figures can be used to take advantage of the higher quality fuel?
From my experience with car engines I believe this could free up a few extra horses with no downside - provided the point of pre-ignition or is not reached (pinking).
 
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