I’ll throw a timing light on it this weekend when I have more daylight
Cool. The best way to fix this is to do things in order
Diagnose rather than just blindly jumping in. It starts with the timing. Once thats set to something that you KNOW should work, if it doesn't, you then can figure out why it doesn't. I doubt it's a rod knock. A rod knock shouldn't just go away at idle. A ping or knock however often shows up when you accelerate. (You CAN actually have ping and knock at idle. But that's not what you have, or at least you have not said that you heard anything like that)
Next, have a helper slowly rev the engine. You need a tachometer as well as your timing light. Leave the advance disconnected with the engine side of the hose plugged so you don't have a vacuum leak. (This should already have been done when you checked base timing. ) Take note of the timing at idle and in steps across the rpm range up to red line. Compare this to the listed specs of the mechanical advance in the manual.
Next, at idle connect a handheld vacu gauge to the vacuum advance can. You don't need to rev it for this one. Just let it idle. Record the advance at various levels of vacuum and compare it to the listed specs.
If all that looks good reconnect he vacuum advance.
Next examine the color of the spark plugs. Do this one at a time, removing one, examining it and replacing it. Google up some pictures to diagnose with. This can spot a lean condition but is nod definative. For example, everything could be good EXCEPT for during acceleration. This can be cause by things such as the accelerator pump being clogged or a secondary jet being clogged or incorrectly sized. It can even be caused by the fuel you use. After you have done these simple checks, if you don't find the problem, try a tank full of premium.