Hi Lee77,
That's such an open ended question. But I guess I'll try to generalize the answer...
For me, I'd argue that you should start with as much stable CO2 as your fish can handle and as little light as it takes to let your plants grow properly. Don't forget your fertilizers!
Since this is in the algae section of the forum, I'll assume that your focus is on preventing algae. So, the next step is to see if your plants are growing and if algae is held at bay. If yes, you can step up the light a little more. If you have an algae takeover, then most likely, you've outpaced your CO2. Of course, this is assuming you are at least dosing fertilizers all along. At any point of this process, if your selection of plants are growing happily and fast enough for you, feel free to keep the light at that "lower" level. I feel that too many people try to push for higher light with no good reason. That's just asking for algae.
There are a few tricks to increase your CO2, but without knowing how you're injecting, I'll generalize again. Go with the best co2 system/method you can afford, the best reactor you can buy/build and agitate the surface of your water to allow your fish to tolerate more CO2. Notice, I didn't exactly say 'expensive.' You just need to research whats the best way for you to provide a stable, ample supply of CO2 or you'll probably not achieve your balance either. I'll also assume you have an adjustable light, but if not, you'll either have to find ways of suspending your light higher from the tank or blocking some of the light with screens, film, etc.
Oh, one more thing, the balance you seek is sometimes a moving target as you progress and change things in your tank, so compensate accordingly.
Hope that helps.