hey guys can i manually retard my timing on my 95 corolla 7afte?

Yes just loosen the bolts on the distributor and rotate it. I don't remember what direction it is but if you have a timing light setup then just check it with that. This link should help you.
http://aarc.epnet.com/application/8959/895...JUSTMENT.htm#T2

great info bindertch . thanks

I don't want to get that msd btm. What Problems will I have if i just retard 5 degrees. by moving the dizzy. i'm running like close to 5psi kick it up to 8 soon.

or am i confused?

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you'll notice a lack of low end power and possibly a drop in highway mileage. im not even sure if its adjustable on the 95. if you have 2 hold down bolts than it is, if its only one then its not adjustable. your best bet is to get a piggyback system like an emanage that can control timing and fuel curves as well as some other features.