Pinging

Since you know nothing about the engine - I'd do a compression test on it. Engine at operating temp, all plugs out, and carb blocked wide open. That will go a long way to seeing what sort of timing it can stand. INO, too much initial. Once pinging starts, it won;t stop. So that is a combination of setting the distributor up properly, and then setting the carb. However all that depends on the cylinder pressure it has.