Hi,

Little bit of background before I ask my questions:

The car had spark plugs, cables, oil replaced and came with upgraded crane igntion and original coil.
Valves were adjusted to 0.003 and 0.007.
The car starts fine, idles fine and has power.
Piston compression:
1. 100psi
5. 100psi
3. 120psi
6. 130psi
2. 120psi
4. 100psi

Oil pressure sits at 10 on idle and increases as the engine rpm increase, nothing unusual there.

The "only" problem I have is "noise" coming from the engine under load, specifically accelerating from 80 to 100km/h.
I called this noise knocking, pinging, flapping, metalic clicks at least multiple times so I don't know if I am describing the noise properly.
I think the best description that I found was a metal can full of marbles shaken violently. That's how it sounds.

One mechanic decided it is the crankshaft bearings causing the noise.
Another engine rebuilder suggested opening the engine as a last resort and suspects it is the timing.

NOW,
on the timing.
Since my three way vacuum valve needed for US emission doesn't work I am bypassing it.
My vacuum lines are as this:

Second carb (closer to the firewall) has the lower vacuum going to the dashpot.
For the first carb (which has excellent vacuum) I have tried three options:
1. plugged (this setup gives the best results with almost no pinging or at least less)
2. going to the advanced plug of the distributor it almost stalls and it pings
3. going to the retarted plug of the distributor, pining is very pronounced.

I have had my timing set to 3 btdc, 8 btdc and 13 btdc as some suggested and the best results I got are at 0 with the first carb plugged.

All of this leads me to the distributor or ignition setup.
i removed the distributor and found to be rusted inside.
cleaned and lubricated, all good

i also confirmed the timing of crane is as per their recommendation.

i have now sitting at 8btdc and the car has power, idles fine, starts fine.

i now have the pinging noise significantly reduced but i also noticed knocking when rpm engine goes down or on deceleration.
it comes pronounced just before the engine settles.

i have no idea what it is nor where to start to look.
Here is a video of my engine.

M130 working - YouTube

I appreciate any input.
Thank you.