Yeah, yanking the spout defeats the chip. Anyway, daily driving it that way is very bad, and the info I have SEEN claims there are no gains at all below 4000 rpms, and in fact the power is lower below 4000 roms. Minor gains should be found above that, though.
From personal, first hand experience? I dunno, I'd never do that to a vehicle I owned.
I know you wouldn't leave it like that for the drive home, though, so take a 7/16" distributor wrench, a timing light, and be our guinea pig.

How long could it take you to pull the spout and change the timing? This would be an ideal test, too, because the weather and track conditions aren't likely to change very much between runs.
If you try this, make it a point to let me know how it did. I'm always looking for information from a reliable source. lol.
Take care,
~Chris