Search for my pinging problem thread from a few years ago. I ended up with a new engine. I think my head was shaved too much in a rebuild; causing excessive compression and therefore pre ignition. But Trollhole is asking how your dizzy is hooked up. Meaning, is it vacuum advance, retard, or both? If it has one hose to a brass bell, I think it is just advance. If it has two vacuum hoses to a double sided bell, it is both advance under certain conditions and retard under other. This complicates matters and IIRC was designed to work with the complex smog equipment starting in the mid 70s. Older engines of all makes just had advance I think. There are two components to advance: centrifugal advance, which happens within the dizzy; and vacuum advance, which happens at the bell mounted to the side of the dizzy. If the two components add up to too much advance, you get pre ignition. Vacuum advance should IIRC go to a port at the base of the carb, not to the intake manifold or top of carb. IIRC you should set timing at idle with the vacuum advance hose pulled and plugged (a golf tee works); someone correct me if I'm wrong. If you have de smogged your engine, it might not play well with both vacuum and centrifugal advance. Pull the vacuum line, plug it with a golf tee, cap it off at the bell with a rubber cap from Autozone general parts section, and set the timing to stock. Drive it and see if that cures it, how much power it has, etc. To really measure centrifugal, vacuum, and total advance, you need a timing light with advance measuring capability and you can rev the engine and see how much advance you are getting. I forget what the total should be but your TOTAL ADVANCE may be too much. Also, leaded fuel from the 70s had REALLY HIGH OCTANE. Lead is the ultimate octane booster (high octane = resistance to explosion or detonation). So yes older vehicles were designed to run on high octane. Don't drive an engine with ping too much, you will most likely crack a piston ring then you too will have a new engine or a V8 swap. All this is from memory at least 5 years ago.