If am targeting a verbal score of 160 or in low 160’s, how many questions out of 27, can I afford to do wrong or miss? Any estimate or ballpark figure would help. Also, what attracts a bigger penalty? leaving the questions unanswered or getting a wrong answer.
You do not get a penalty for guessing. Answering the questions is always preferred to leaving them blank.
I cannot give you an exact answer. I can only speak from my experience. In my case, I got 5 Verbal questions wrong on the 2nd section and got a 165/170. Of course, this is not a perfect rule and may not apply to your test.