It completely depends on the parts you select and what the purpose of the engine is for. If you want a powerful and responsive (sporty) engine, you want a high fuel mixture (without it being too rich mind). And if you want a fuel efficient engine with less emissions you want it lower, however this can increase the octane considerably, which means you must reduce the compression.
When starting a new engine you want to set the compression low and then increase to as close as possible to the maximum octane of the fuel type after your first test run.
Hope this helps
