In 1/8 scale it has been said that you won't change much performance with timing etc...
2050kv motor is more than enough as far as power in fact you may have too much. I personally (and almost all my mates with medium/big track) use 1900kv and it's got plenty power.
The two settings I use are:
- manually put the cutoff voltage at around 3.4v per cell for training and I drop it to 3.2v in racing (to avoid drop current which you kill the car in the middle of a race especially with older batteries).
- and punch. I usually drop it according to grip. But personally I always set it to 2-3 as this gets me the feeling of my nitro car (the brushless is my training car and the nitro the racing one).