First, you should be using the "ball" mark on the flywheel, not the triangle or anything else. Using #1 cylinder, set the light to zero, and line up the ball and pointer. You may need to adjust the throttle speed as you go. If you try to set it at too fast of an idle, you may start to engage the centrifical advance.
One thing to consider, If it runs good in the driveway, but as soon as you try to drive it under load it pings, it may be a sign of a blown head gasket between cylinders. I have had this happen to me before. Pulling the plugs and doing a compression check would determine this.