advancing the timing by turning the distributor cap can only be done on 95 and older accords, the obd II cars can't.
yes you will gain power, especially in the lower end of the rpm range. i set mine with a timing gun, but i think that no matter what the computer restricts max advance to about 19-20 degrees. i say that because i turned the distributor as far as i could for advance and it only came out to like 19-21 degrees BDTC... it's a bitch to try and tell exact timing, there are no marks other than a few blotches of paint on the crank pulley a white one at TDC, and a blue/red one at stock advance... beyond that you have to guess. at least my buddies mustang had a nice scale right on the pulley.
the easy way to advance your timing (on my F22B1, 95 accord). loosen the three bolts holding the distributor cap down (don't remove them) and turn the cap counterclockwise, the top towards the firewall. you may want to check your manual and see which way your distributor rotor turns, and turn your cap the opposite way. you probably want to have a nice fresh tank of 92 or higher (although i recently made a trip through california in july [hot] and had to use 91 and i didn't ping once). since the F22 series has a relatively low compression ratio, pre-ignition and detonation aren't a huge concern. you may also want to get new COPPER plugs and keep an eye on them for the first couple days and check for signs of pre-ignition. that said, i'm running about 20 degrees btdc, on 92 octane without incident for the last year.
the whole moving power up or down the curve comes from advancing or retarding the camshaft timing. generally advancing will give you good low end but poor high end, and vice versa. advancing ignition timing will give you a nice gain all the way through.
was that long enough?