If you experience severe knock retard as you say, then it will make a HUGE difference. If you weren't getting any knock retard and were running full timing, I would just run regular or midgrade in it. But since you are experiencing severe KR, you should notice a HUGE difference with race gas.
Remember, any gas above 104 octane is low-lead, not unleaded, and some 104 is low-lead also. If you don't have a catalytic converter you should be fine (it looks like you don't) running leaded gas, but if you do have one it causes a problem.
1990 Maroon Grand Prix STE McLaren 3.1 Intercooled Turbo, 14.695 @ 94.49 on 12psi before cam/heads/etc.
1990 Bright Red Grand Prix McLaren 3.1 Intercooled Turbo, 14.819 @ 92.72, 189whp
1999 Grand Prix GT 9.75:1|K&N|160 tstat|No Ubend/Cat/Res|UD Pulleys|Ported M90/TB/Heads|XPZ|2.55"|Pacesetters|Stage 2 I/C. 12.442 @ 112.78
2000 Blue Bonneville SSEi Supercharged Gutted Airbox|K&N|3.4"|1.9'*|WP Pulley|Custom DHP|180*stat|41932'*|No Cat. 14.681 @ 94.80
2002 Dark Cherry Grand Prix GTP Supercharged & Intercooled
12.084 @ 114.38 w/1.743 60', 315.6whp, Fastest Stock Cam M90 GTP!
NOW XP CAMMED, 340.6whp with XP, stock heads, Gen 3 M90, 11.984 @ 115.84 w/1.750 60'!
Most HP Stock Heads Gen 3 M90 GTP!
2004 Red Monte SS Supercharged K&N|3.4 Pulley|1.9'*|180*stat|41919 plugs|3" dp|No cat/ubend|DHP|Shift Kit. 14.2 @ 98
GOT BOOST??? Friends dont let friends drive stock!