I'm assuming the regular single nozzle kit. I usually only need around a setting of 5 or so for low 20s psi on a stockish engine. Thats with 23/21 timing or even 25/21 timing.
For a street car its easy to find the right amount while doing some short WOT runs on a highway. Lower the alky little by little and watch for knock. If you see any knock then add a little alky back in for safety. Don't worry about O2s, use the fuel to adjust that.
When I'm upping boost, I add a little more alky in to be safe and then turn in back down if everything looks good.
Much harder to adjust on my white T, where I can't make a WOT pass on the street to help dial it in. I keep it turned up pretty high, more than I probably need.