noise on restored 1951 John Deere G tractor

I have a 1951 John Deere G tractor that I restored. I have new aluminum pistons, 45 over new rings.
The timing looks good. My question is under a light load, I get a hammering or pinging noise.
starts good, idles good.
I used a 87-89 non oxy gasoline.
Mike
 
Not being a expert, but I would think it maybe related to a timing issue. Might try moving the mag one way ot the other. Stan
 

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