Back to the OP's question..and 'street driven' being the key phrase I vote for 'With" and will add-'full manifold vacuum'
well, I'll add to the confusion. I run a pertronix flamethrower III dist, mechanical advance only. I couldn't be happier with it. Absolutely love the simplicity or it, and the built in CDI & Rev limiter.I can see where people are saying an "over timed" (As i'll call it, due to not knowing a difference) will lead to cooler running and better economy rolling down the highway. But i've got mine set to about 36* total timing, in at like 2,200 RPM. I set it up to basically "snap" to full timing asap with super light springs. With enough initial timing my (26-28* i think) I really wouldn't want to be adding more timing at light throttle cruse being an iron headed 11:1 motor, I'd be affraid of not making a quick enough transition and pinging. My engine runs cool enough for me, I suppose a possibility of cooler never hurt. It probably goes by a case-by-case situation. Admittedly the way I drive my car it really never spends any amount of time below 2500 RPM, except idling at a stoplight, I built the car to be light on it's feet, so i don't see how a vacuum advance would help me......Right? I mean, its always (for all intensive purpose) at full timing. I've even considered locking it out to try that for fun. I built the motor to run hard, and i run it hard, I do cruse it, but it sorta err's on the side of race(ish)car on the street. I'm relatively pretty fresh to tuning being 26, and i really try to learn all i can. It just seemed to me, that for an aggressive hotrod (is there any other type?) a mechanical advance is the ticket. I'm not in the position of giving anyone else advice, but that's my thoughts.
On the street, with. I have not yet seen a car that I could not pick up a few MPG, with no loss of performance, with it present.