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0.8 lambda is 11.76:1 AFR on gasoline so based on that it looks like you want targets of around 11.7-12. I have absolutely no idea of what is ideal though and as Shiv has said, you can hit MBT with Ethanol so without real testing it's not ideal.
General consensus is that if you start advancing timing and the power gain is minimal without knock, you're around MBT and it's best to back off the timing to the last known with the biggest gain. This is done for reliability rather than searching for that last few bhp. As Shiv has done his testing, I wouldn't go too mental.
It's also going to be difficult to do any form of MAF scaling/calibration if the E% content is varying.
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