I am sure a modern system (or even not so modern) could do a better job of controlling the spark. The question becomes at what cost? and how much improvement is needed if you don't change the operating range of the engine by very much? If the engine, once in the air, operates over a 2 to one speed ratio (1500rpm to 3,000rpm for instance) how important is variable ignition timing? Some engines did a get a crude form of ignition advance (useful for cruising?) and others were able to retard the timing for starting only. Many aircraft had trouble with ignition systems at altitude and had to resort to pressurizing the ignition system to prevent cross firing. I believe the Wright R-3350 in the B-29s resorted to a low tension ignition with coils for each plug? I could be wrong on that.
Look up the Chrysler 300 saga of the late 50s when they tried to use "electronic" fuel injection supplied by an aircraft company (Bendix) which turned into a fiasco, however well Bendix fuel management systems may have worked in an aircraft. reliability at car prices wasn't there.
I would note than many American engines (and a few British ?) used "pressure" carburetors which weren't really carburetors at all but single point throttle body fuel injectors. Not as good as multi point fuel injectors but better than some carburetors.
I have no idea how good or bad some of these carburetors were. But again, trying to compare a supercharged aircraft engine to a car ignores a few differences. The fuel, after going through the supercharger was better atomized than most cars with carburetors, In fact many early engines (late 20s) called the spinning impeller between the carb/s and the inlet pipes a "mixing fan" as it didn't provide much, if any boost and in a few engines ran at crankshaft speed, but then with 70 octane or under fuel you weren't gong to use much boost anyway.
P & W on the C series R-2800 didn't use a fixed jet to inject the fuel under pressure into the airstream but feed a "slinger ring" that went around the inlet of the supercharger with multiple openings that got a better fuel distribution than the fixed jet.
I would also note that RR got over 1800hp out a Merlin on a test stand in 1938 when they were working on the "Speed Spitfire" for a record attempt (not on gasoline) and I believe they managed 1600hp or better for 10 hours. It was this experience that helped convince them that the Merlin was capable of a lot of development without needing a lot of redesign.
RR also figured (in 1940 or just before) that give suitable fuels the potential power at sea level if the throttle could be fully opened of some of their engines were 1500hp (55.5hp per liter) at 2600rpm for the Melrin II and X. For the the Peregrine they were figuring 1365hp (64.6hp per liter) and 0.81hp per pound at 2850rpm. Both engines ran higher rpm in service but the throttles were not fully opened anywhere near sea level. This numbers were published in 1940, what was going on in secret?
I have no doubt that using modern knowledge and materials improvements could be made, It is just that the aircraft engines of the day were in a whole different catagory than even most race car engines of the day so the difference between modern car engines and those aircraft engines might not be anywhere near the difference that exists between modern car engines and racing car engines of the day.