system pressure,flow and timingsystem

How much does flow figures vary if i flow a alcohol fuelsystem with water instead of alcohol,and what system pressure at wot/4000 pump rpm's should i shoot for.Is ~95 psi ok os should it be more.Its a waterman/whipple combo.and does anybody know who made this timingsystem in the pics?

http://home.swipnet.se/ta455/timing1.JPG
http://home.swipnet.se/ta455/timing2.JPG