Is this a 225, 198, or 170 ci /6? I think I would try another compression gauge first; 194 seems awfully high for the mods you have done. The pistons are still in the hole a good bit with .050" off the block for a 225. If need be, you could put in a thicker head gasket. Which one did you use in the rebuild?
The ignition timing thing looks to me to be that the distributor is off a tooth, or you need to monkey with the timing adjustment on the bottom side of the distributor body. You should be able to set it anywhere you please.
I'd be putting in some 93 octane to see if the clatter goes away, and stick with
that until you get things sorted out better.
What carb do you have? Do you know the year model of the carb? And under what conditions do you have the pinging?