You won't get the result you're after...It'll still knock when you run out of turbo-fluid.
Just run a bigger cam profile and be done with it. No detonation problems, far cheaper, less hassle, and really, if you're running enough compression to need to retard the timing just because it's hot outside, you've built the wrong engine.
I ran 9.7:1 on 87 octane for two years and two straight 100+ degree summers at 36* of timing advance with no detonation at all, on an N42 head shaved down to a 42cc chamber. With a stock cam, yes it'd knock even on 93 octane. With the mild cam that I ran, no detonation at all on 87 octane.