What are the consequences? Below is the list of available settings from INTENSE. I chose # 2 because I always put 93 octane, have stock cams and my growing mod list.

Please select your timing tables:

#1) Stock WOT ignition timing tables - ideal for supercharged vehicles where 91 or 92 octane fuel is the highest available

#2) Increase WOT ignition timing tables by up to 3 degrees - ideal for naturally aspirated vehicles with any premium fuel, or supercharged vehicles with stock camshaft where 93 or 94 octane fuel is readily available (+$10.00)

#3) Increase WOT ignition timing tables by up to 4 degrees - ideal for supercharged vehicles with aftermarket camshaft or intercooler where 93 or 94 octane fuel is readily available (+$10.00)

#4) Increase WOT ignition timing tables by up to 6 degrees - ideal for supercharged vehicles with aftermarket camshaft and intercooler where 93 or 94 octane fuel is readily available (+$10.00)

#5) Stock WOT ignition timing tables with adjustable timing control - ideal for vehicles equipped with a Casper'* Timing Commander, Happy **** or ICCU - we will contact you for timing table information (+$10.00)

My gut would tell me you should purchase a scantool before you make a decision on that list.

With a 3.5 you are probably fine but I would still scan the car when you get a chance.

How much $ and where can I find one?

An Aeroforce scan gauge is the most cost-effective and convenient option. You can buy it from INTENSE also.

Why do I see many members with a "drilled" 180 stat? What are the benefits?

Easier to bleed the cooling system.