Use what the manual says. The people who designed the engine wrote the book. Octane ratings have to do with the point of detonation. If you use the wrong octane you're causing the fuel to combust at the wrong time of the stroke cycle in the cylinder, which leads to the computer adjusting timing, retarding knock, decreasing power, all while your mpg suffers. This all could cause your emissions to be more dirty those causing issues with your oxygen sensors and catalytic converter.
You got some of the info right. Sort of.
Variable valve timing and the computer look at what fuel is available and adjust from there. Higher octane allows the computer to advance timing. That will allow the engine to produce more power. I remember setting the timing with a timing gun and moving the distributor. Current engines have computer controls and do that automatically taking readings multiple times in a very few seconds.
What does that mean? Well, if the octane is too low your engine will need to retard the timing to prevent knocking and save the engine. This retard of timing will lower the power output. Can it run on 87? yes and it does. But those numbers on the window sticker are based on higher octane numbers. As most of us have found out they are quite optimistic compared to real world numbers.
So what do we do? If you experience no problems with your truck then run what you want. I use higher octane (either 91 or 93) to advance the timing. Where this becomes an issue is when the engine runs at the very bottom of the timing retard scale and can't go lower. Now we have parts (mechanical) straining to do what the computer (software) tells it to do. Big potential for problems. No matter how many times the AFM/DFM runs its calculations per second, the mechanical side simply cannot keep up. This is what many may be experiencing with the engine problems including the failed lifters.
My solution is to run higher octane. The engine can run at an advanced timing level higher than any octane currently available at the pump. The 87 octane is dependent on hitting that number with ethanol and there are a bunch of variables when it comes to that.
Some stations (blender pumps) have problems with the ethanol delivery and/or pump that delivers ethanol to mix with the gasoline. Gas and Ethanol are mixed at the pump. So if you use 87 you may be getting even lower octane. This happens at pumps that offer multiple types of ethanol blends like E10, E15, E...
Splash blending occurs at the refinery and is how most pump gas travels to the station. Even that is skewed to be less that 10%. With real numbers being around 8%. Ethanol has a higher octane than gasoline so they are blended to achieve the number at the pump.
Do a little research on your own, quite a few industry sites available and a few others with engineers who do this chemistry for a living. Theory and application sometimes don't always agree with each other. Real world stuff. I wouldn't call it russian roulette with your engine, but a bad tank of fuel can give you lower octane than the timing can be retarded to process.