I have worked on a few .15s and totally agree that the timing is mild. I tend to keep the liner in the normal spot but machine the ports to increase the timing- that way the head clearance remains the same- Plus, if the engine has already been run, it keeps the piston and liner fit the same- if you jack up the liner the piston is further down the bore which tends to be slightly bigger and thus (sometimes) changes the fit.
If I remember right I opened up the exhaust to 155 degrees or so and the intake to 135 or so. I never really found the point where it was optimized. Crank timing can also be opened up to about 55 degrees ATDC. Put as big a venturi as possible on it. Plus, I converted it over to a K&B style needle valve.
Going to a Nelson plug will definately be an improvement. Plus I would set the head clearance to about .007-.010″.
I did run on on a 7 x 2.75 FAI prop and got over 23000 on 10%….