Found this
If the timing is out the engine won't be running efficiently. The power output for a given amount of fuel will be less but it will still be burning the same amount of fuel. So a larger proportion of the fuel used will be turned into heat instead of usefull work. I would agree, if the timing is retarded it will run quieter but be more difficult to start, it will also produce more heat and smoke and less power as explained above, if over advanced the efficiency won't suffer so much but it will be noisey.