And just to add to this a little, I've always felt .740s at the top of 3rd gear is about perfect when running a race chip with high timing, high boost and straight VP C-16 race gas. It's very dangerous territory when running straight 93 pump gas, that might be of questionable octane grade.
Personally, I have always shot for .780's - low .800's on 93 octane.
With gas formuations being different, station to station, every car will be different. Another thing that I've found over the years is different combinations can withstand more or less boost and timing on 93 octane.
Example:
Stock car with fuel system mods and everything else up to snuff with a good Spring Cleaning done. Stock IC, stock motor, stock turbo, 93 octane from a name brand station (BP, Shell, Exxon, Chevron etc) 16-17psi, timing under WOT 19-20*, fuel pressure set at 42-46psi at idle with hose off of regulator. This should be an optimal tune, with good O2 numbers and very little knock retard. But again every car will be different. Higher mileage motors might not be able to take this tune due to carbon and or oil in the intake and heads.
Same car but with bolt ons. Upgraded turbo, larger downpipe, cat back exhaust, larger injectors (42.5# - 60#) upgraded front mount intercooler, but stock motor. Same basic tune with the exception of a couple more psi of boost. 18-19psi, 19-20* timing under WOT and same fuel pressure. The extra cooling capacity with the frount mount intercooler, coupled with the cooler charge temps from the more efficient turbo, will allow you to get away with a couple more psi of boost.
Same car but throw in a set of aluminum cylinder heads and a good cam. I was able to run 20-21psi boost with 20-21* timing under WOT with little to no detonation on straight 93 octane. Same fuel pressure levels. It is also recommended to upgrade the radiator and fan setup when going this route for extra cooling capacities.
Again, every car is different. But these are some general guidelines that I've followed over the years with these cars. Anything on pump gas, and I try to stay rich in O2 numbers at the top of 3rd gear. Those being .780 - .800 range with no more than 3 degrees of knock retard. If I ever see KR that keeps getting worse during a run, I immediately lift and abort the run. With a stock torque converter, it is common to see some KR between the shifts. Just as long as it goes away you should be ok. To me, damaging KR is anything over 7* at moderate boost levels. (Below 21psi) At high boost levels (24-35psi) anything over 2* at the top of 3rd, to me is scary.
With Race gas, (over 110 octane leaded) and I'll shoot for .740-.760 with little to now knock retard and boost levels of 22-30+psi and timing of 26-27* WOT. False knock can also be caused by the downpipe banging on the body/floor pan seam on launch. Best to take a BFM to that seam whenever possible. I've said it before, and I'll say it again, the Scanmaster is one of the best tuning devices ever made for our cars. I wouldn't own a Turbo Buick without one.
Hope some of this helps and sorry to ramble on.
Patrick