I never thought about the timing set being shot. I need to get a few minutes and try rej-adjusting the carb to see if it is a lean condition.

I did check the damper, it is still in the correct alignment with the #1 and TDC. I've been thinking about yanking the engine out and putting new rings and bearings in it if it is in good enough shape and then replace the timing set and put a low end torque cam in it and a factory 4bbl set up. But that is mostly dreaming, I can't afford/justify that at this time.

 

If you pull the spark pulgs and look, you will be able to tell if it is a lean run problem. One or more of them wil be white or look shiney. If that is the case you will probably have to rebuild the carb. Ill bet it is a lean run or timing chain problem because you have done to much to the dizzy and not changed the problem. hope this helps.

 

I think I will check the carb to see if it is set lean, I just rebuilt it last fall. How does one check to see if the timing chain set is loose/shot/out-of-time?

 

Slack in the chain can be checked by,take all the plugs out,take the dizzy cap off and turn the balancer left and then right. See how much you can move it before the rotor moves. There shouldnt be much movement. You can look at how close the timing marks on the balancer, it doesnt take much to really mess up the timing.Another thing? You didnt say is this pinging a hot only problem?

 

I do not believe it is heat issue. It is very random. Been a couple of days since it has done it. weather has been warmer n drier too. Maybe it is too lean.

 

Ok , a randome ping could be something as simple as water in the gas or lead carbon build up. Try this.go to the station that sells the most gas in your area,put 5 gal of 93 oct gas in a can, run the truck as low of fuel as you can, put a 16 oz bottle of rubbing alcohol and the 5 gal of 93 oct in the truck and drive it as hard as you feel comfortable with.This trick is at least 70 years old. It will take most of the water out and blow a lot of the carbon out.

 

Did you replace the breaker (point) plate?

The original breaker plates (1958/71) are two pieces (upper/lower). The Ford replacement is one piece. Those two piece breaker plates were dogmeat after only a coupla years.
D2PZ-12151-A .. Breaker Plate (Motorcraft DB-187-A)

Does the dizzy's primary wire still have its rubber coating on it?

C7VY-12216-A .. Primary Wire (Motorcraft DW-34)