The advance wheels give additonal "grunt" at the low rpms and take it from the high ones. No free lunch there.
My feel on the k&n is that the OEM filter is pretty good, and just adding a K&N without playing with the carbs is not going to get you anything. If you're willing to fine tune the carbs with the K&N I feel you can get you some. Maybe the carb guru's can chime in here.
Back to the timing mod...there is an ECT mod in the shoptalk (
http://www.valkyrieriders.com/shoptalk/ ) that can get you the "grunt" at low rpm's and be "turned off" at higher ones so it doesn't cost you on the top end. Also, the interstate ICM has different curves than the standard and folks have said it helps out on a standard/tourer.