Timing is set to 4 deg BTDC, where it's been for the last four years. It definitely advances mechanically when I rev it a bit. Could a lack of fuel under load lead to the knock? Carb is a Weber 32/36 which is always a little limited on the accelerator pump as it only has a pump on one bore. But this is different. I'll try putting some vacuum on the distributor to see if it advances