I think it's recommended to have the timing closest to the green line in cold climate for best cold starts, otherwise anywhere between the green and red is fine I think. For the IQ, I'd aim for 3 if your car is stock, but it depends what you want. Closer to 1 you get better low end torque but also more smoke, closer to 5, it'll pull a little better at high rpm.
I like to get the pump somewhere near the middle of the top half of the graph. IQ really just depends on how the car is equipped. If it is all stock, and healthy, there really shouldn't be any reason to mess with it. After that, it often becomes a 'seat-of-the-pants' thing, where you may be in need of an adjustment to curb some slow down shudder or erratic idle. But 3 to 4 is generally pretty good.