ping at high speed or foot to the floor

At WOT vacuum advance is out of the picture, or should be. Over 3200 RPM, the distributors mechanical advance should be all the way in. I would leave the FBO distributor in, and reduce the total timing a few degrees, say 15 idle, 31 total. It sounds like 34 is a bit much for your compression and fuel grade. You are running a fresh tank of pump premium right?