You definitely don't want to use timing retard for traction control on a big engine, it'll cook the exhaust valves.
You also don't really want fuel cut on anything with decent specific power because it'll run lean before and after the missed injection cycle.
A spark cut with a walking pattern works great in my experience. You can make it progressive by varying the proportion of missed sparks. Unless you have hugely excessive power and a driver who can't hear the engine you may find you only need to drop a single cylinder, because (ime) the roughness is easily detected and the driver soon learns to recognise that as a cue to feather the throttle. If that doesn't work and if you want this to control power for longer than a fraction of a second it'd be better to fit a cable stretcher rather than run with a misfire.
If you do use spark cut on a high power engine you might want to set up your cut pattern to alternate exhaust headers because the unburnt air/fuel is going to go up in the header and you don't want consecutive cuts in the same header if you can avoid it.