If you want more than 172rwhp then I would use a larger cam, especially since you have a manual. I reckon when you start getting over 208@050" with the cam it starts becoming an issue with the idle, meaning chip, aftermarket ecu, etc.
as TickfordXRFan said, i made 197.4hp at the wheels with that exact cam.
other things that affected that output that are different to your car are:
JMM series1 extractors and a 2.5"mandrel bent exhaust with two straight through mufflers
vernier cam gear set to 2* retard - your car my be different if the chain is stretched more or less than mine.
stock GLi fuel pressure reg (not factory XR one)
crow valvesprings, retainers and collets.
also i had a pod filter setup with blanking plates to stop engine bay air from getting into the filter.
im pretty sure the timing was the same as yours, it was a lot anyway :D couldnt get an accurate reading because the car didnt idle very well in diagnostic mode.
and kilometers. change your damn oil man!!! do 3 oil and filter changes in 2000km to clean that crap out of your engine!
i was very happy with that cam, with a 3.9LSD and 235/45/17 tyres on the back i could let the clutch out in first gear at idle, then stomp it, and the car would get to about 2500-3000rpm and the rear tyres would break traction to the redline! it was an awesome feeling...