Ever since removing my RPM limiter, I run 93 octane. With 87 octane, it works fine, but doesn't rev as high or smooth as with premium.
*87 octane has more low-end torque, but I lose high-end HP compared to premium gas.
I get about 45-46mph max on 87 while I get over 50mph with 93 octane. Even if the engine has low compression, 93 octane works better and is quieter at high RPM.
Also the less chance of spark knock, the better. The few extra cents paid at the pump ensures the engine lasts longer.
Now as far as using race fuel, it won't make much difference unless your engine was REALLY hotrodded with high compression and aggressive timing. Just stick with premium, that's good enough for our bicycle engines.