Well I've been researching this octane/race gas issue more in depth. The opinions stated here are very good.
Several things I keep hearing: Runs cooler, burns slower and makes more horse power. It seems all the above are relative terms and each holds some truth.
1. Runs cooler, I think we can test that! There is no fan and the engine running temperature during a race is around 210-220. Changing fuels may impact engine temp? Perhaps "runs cooler" means lower combustion temperatures? That could only be tested with a pyrometer (were poor, aint got one).
2. Makes more power (assuming carb, timing, etc. are not changed! Compared to WHAT? ScottJ's findings are interesting and valuable! At the highest levels of "race gas", like 116 octane used by the sub 7 second cars that IS certainly true. But that gas is something like 85% additives and only 15% "gasoline" (and cost an arm and a leg). That 116 DOES "burn faster" and needs to because the engines are turning 9000 rpm! But does "makes more power" apply to the more typical race gas available? 103-108-110? I suspect not. It appears that the "burn rate" is pretty much the same for all of them, including pump gas (exception being the really "high end stuff").
Interesting note on AV gas I came by, usually has a "dual rating:. Like 100-110, for "lean and rich" settings. As mentioned above also APPEARS to use a different octane score than other gas. Making it difficult to nail down what the equivalant octane really is! Being "less dense" (weighs less per gallon) than pump or race gas the effective fuel amount delivered through the main jet is LESS. This has the effect of "leaning" out the mixture! Therefore the main jet size should be increased to account for this.
Conclusion: Man this stuff is deep, VERY deep! I'm thinking 103 octane (available locally) will be enough. I would not be surprised to find that 92 pump gas may work just as well! The research continues (on the track and on the computer)!