compression test question

Where is the cam timing set BTW? Too advanced would contribute to a higher measured CR and operating DCR, and that would also make the off-idle and part throttle response pretty snappy.

On the head gasket, was is a steel shim or a composite like a Felpro? The Felpro has a thicker head gasket than the old stock shim which was round .022" thick IIRC.

With the pinging being up in the mid to higher RPM' ranges, I would now suspect mainly the mechanical advance, in conjunction with the moderately advanced initial timing. That has been discussed in other threads as an issue with the /6: a lot of initial timing gives too much total with the stock mechanical. So, you are on the right track to get the initial adjustment right, and then work on the total.

IMHO, fer sure check the compression with another gauge. A 194 psi compression reading with a mild or stockish cam would make me think 10.5 to 11 SCR.... which seems awfully high with the amount of shaving you did and with a Felpro type gasket to boot.