That pinging was detonation. The distributor will try to advance if not locked down. So your total timing was way up there more than likely. When you start pinging, from the timing being to advanced, **** starts to break. And here you are.
Just went out to the garage to peak on the old girl and realized i can rock the piston around in the cylinder!!! WTF I will post some pics tomorrow, after I have it on the stand..