weird smelling smoke!?! please help!

Total should probably be around 32 degrees with that compression and set up, but I will defer to those who know better. I have 11.8:1 compression. When I tune it down to run on pump gas I run around 26 to 28 degrees total timing. When I run race gas, I tune it up to 38 degrees total. The if I ran lower octane at that high a timing I get pinging every time, and I worry about motor damage.