The APT is set after the engine will fully heat soaked and idle mixture screws have been set.
Using the fast idle adjustment set the engine rpms around 2000rpms for the test. This will insure the carburetor is well on the primary main system.
If you see a 200-300rpm's drop the carb is pretty lean, so raise the APT some. Raising the APT lifts the rods, richens up the A/F ratio and you'll see less RPM drop with "tip-in". I like to see a very slight change, about 50-100rpms and use that as the baseline setting.
Also make sure the vacuum advance is hooked up and applied during the test.
The big myth in all of this is that a leaner setting will improve fuel economy. For most set-ups it will not. All engine need adequate fuel in the mix for complete and most efficient combustion. The more efficient the engine the less fuel it will need, same for timing.
What I see here is that engines with very tight squish, optimum compression ratios and very well chosen camshafts are the happiest everyplace when it comes to how much fuel and timing they will need.
Engines with "low" compression ratios, a lot of squish area, poor flowing heads, crappy combustion chambers, and poorly chosen cams are the worst in terms of power production, and how much fuel and timing it takes to make them happy.
I'll also add this while on the subject, the camshaft choice alone can hurt engine efficiency. Cam companies push very tight LSA's because the customer base demands a some "attitude" at idle speed. I've watched this trend for many years. They will also tell you that the "whiz-bang" modern lobe profiles will make more power, more area under the curve, improved throttle response, blah, blah, blah.
I've tested modern camshafts on tight LSA's and not one single example has made the grade. I will say they certainly produce an aggressive idle quality, but on the dyno and at the track we've made more power and ran quicker with camshafts that have longer seat timing, less aggressive seating velocity, and wider LSA's.
When you get time wonder over to the Lobby and read my thread on camshaft selection........Cliff