Actually, the octane value is a measure of the resistance of the fuel-air mixture to combustion. Higher octane=slower combustion, which means that the chance of preignition or detonation is reduced.
Higher comression engines typically need it, which is why the gas companies provide the high octane stuff in the
first place. Interesting point is that in the 30s, the typical octane value was around 60 or so.
Today, in the cage
world, the absolute need for the good stuff is reduced somewhat by the ignition and fuel computers in most cars
that compensate for low octane by changing the power mapping of the engine (that's one reason for the knock
sensor...). You do pay for it in some respects, since the change to the map will also change the efficiency and power
output of your engine.
That being said, what should you do? First off: run the best QUALITY gas you can buy. While the off-brands may be
a tempting sight as you speed past it with its .05 a gallon advantage, typically those stations are serviced with the
tail end of the refinery runs (after the big guys take their allotted amount). While it (on paper anyway) meets spec,
it's not the 'first squeezings' by any stretch. (I used to work for a major oil company, ok???
)
Second: Use the octane specified in the owner's manual if you're stock. If you've gone high compression or down that
route, you have nothing to go on. So, you use the octane value that won't cause pinging in your engine. A good rule
of thumb is that anything over 9:1 compression and normal advance curve is going to start asking for 89 or 92 pump
octane fuel.
Third: by the middle of the 60s, and certainly by the time the 750 change everything, valve seats were already hardened.
So, unleaded fuel is ok for them.
That being said, if you have a local small airport around, it may be worthwhile to make friends with the folks there. Why?
Those planes you see out there run on 100 octane LEADED fuel. And they're air cooled and carbureted besides. I can
tell you from experience that my CBs run just fine on avgas...
Side benefit is that the stuff is remarkably clean, free
of debris and water, and even smells like gas used to smell like.
Bad side is that it is in the 3.50-3.75 a gallon range
right now (last time I filled my tanks...). But, running a tank or two once a year is probably worth it to get some lead
up on the valve seats.
Just some random thoughts....