Mild 318 pinging

Sounds like the similar thing I did with mine and similar results. I just disconnected the vacuum advance and it works good without it.

So you don't run vacuum advance at all? I've always been told that no vacuum advance will kill your mileage but I've never tried it myself. Of course, I know not everyone is concerned about fuel mileage when it's just their "toy" car. I didn't worry much about it when gas was in the 2's.