Use of regular fuel may be the mfr's current recommendation. However, later model Inlines came with "low-dome" pistons which lowered the compression ratio. Along with a number of other design changes which reduced the chances of destructive detonation. A 1400, unless it has been rebuilt and the pistons replaced, has hi-dome pistons which are less tolerant of low-octane fuels.
One big issue on distributor-fired inlines is that #3 cylinder tends to be the one that runs hottest/leanest and usually has more timing "lead" than the other cylinders.
Thus the recommendation to reduce max spark advance from the old factory specs. The accepted "link and synch" settings nowadays are maybe a bit conservative at 18-20 deg BTDC, but they do keep the engines from burning up!
I'll pretty much guarantee that if you run that 1400 at 27 deg max advance and use regular unleaded, it's likely to fry a piston!
If you're looking to wring the last bit of performance out of the ol' Tower of Power, you're better off running the highest-octane premium you can find, or stepping up to Avgas 100 LL (Low Lead). The old Beasts run pretty good on that stuff, and you might be safe to run a higher spark advance. At your own risk, of course!
I'd definitely be keeping the impeller fresh and install a water pressure gage to monitor cooling system condition. And keeping a good eye on spark plug condition. First sign of detonation (and pretty much your only warning of imminent destruction) is bits of congealed aluminum on the end of the spark plug. Guess where that is coming from!
Last caveat, you CANNOT overprop these motors and expect them to live. You must prop them to run (at minimum) at the upper end of the mfr's WOT rpm recommendations. Which for a 1400 should be something like 5500 as I recall. Won't hurt it to spin a bit faster, either.
If you install too-large a prop, the engine will be "lugging" and this promotes destructive detonation.
I had a 1350 on my old Sidewinder and it was a screamer. The most significant difference between the '72 1400 and my 1350 is the 1400 had the newer-design split-port exhaust tuner plate, which I imagine scavenged a bit better than the old-style plate. Thus the 5hp difference, or maybe it was just Merc playing with the numbers! With the right prop, the 1350 had a killer hole shot, good top end and would spin right up to 6000 if needed.
The 1400 on a light hull, properly set up, with a decent prop, is an excellent performer. Amongst the Inline Sixes, only rivaled by 1500's and later power-ported models.
Anyway, hope that helps with a little background on these great old motors..........ed