In 'blinky' mode any timing and turbo settings are switched off as indicated by the screen shot but you can play with any other settings like braking force, brag brake, throttle curve etc, these settings are about driveability and not direct performance enhancers.
The only means of boosting performance is the static timing adjustment on the motor itself.
As for guidance then should you wish to play in non-blinky mode then trial and error or advice from others but it very much depends on your driving style and the circuit configuration.
One thing you do need to remember is that any additional boost timing should be added to the motors static timing setting and the combined value should not exceed the maximum recommended for the motor!
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