I have not tried it on my G-Stock Subie, but have experience doing it on my hot rod Yugo, and dozens of hot rod Ford/Saab V4 engines.
The Yugo has dual carbs, and I lived at 5,000+ ft elevations, but raced at sea level conditions. Indexing the plugs helped when the car was a bit too rich (too much fuel), so I didn't have to change jets too often.
It wasn't anything you can feel, just helps to ensure a more even burn.
Chris H.
www.subrew.com