Dear me......Akro you should know better. I cant teach two and a half days of engine management on an internet forum in one post. If we could, we would!
Simply this, you can run further LOP by advancing ignition, however its not all that simple. But yes you can gain a benefit by doing so. The catch is did you buy a Bonanza to fly at C172 speeds?
There is another point here, he position of Theta PP, that is ALL that matters, be it magneto or EI. Problem is if the advance is too much you start wasting HP. And on a constant RPM constant load engine there is no gain apart from higher CHT from going too far.
Next downside is this, unlike a car which runs at varying RPM all the time, a constant speed engine like a plane with a VERY accurate EI, gives you a far more accurate ThetaPP, now this might sound good. I have no data to support my next statement, but smarter folk than me question whether this is actually a good thing for longevity, and that may be why PRISM has a lot of variability in its spark delivery...

Just sayin'

It also has the ability to kill off any detonation in just that one cylinder, so they all operate independent of each other. But it is not on the market yet so lets not get carried away.
Seems the humble old magneto still has some value after all.
Now a GOOD magneto/Leads/Plugs is a very reliable thing. The majority of folk do not know they have sub-standard performance from the ignition systems, nor do their LAME's either. I give you a guess what I fly behind, and believe me the money would not stop me changing, if there was an advantage.
One last thing, on an O360, with a fixed pitch prop and an EI.....running LOP is possible, but the data bounces around all over the place as a result, and you should try troubleshooting when the data has no steady baseline