Carburetor, Gas, Carbon, Timing?
SC: It sounds like predetonation (pinging and knocking) caused by low quality or low octane gasoline. Try using a genuine Octane boost or retard the timing a few degrees. Your 300hp 327 probably has high compression (11:1) and was designed to run on high octane leaded gasoline.
S_: If you're sure that what you're hearing is pinging, I recommend you double check the operation of the carburetor power valve and also check your fuel pressure/volume. If the engine goes lean, it will detonate until it puts a hole into a piston. This will not make you smile. Most pinging happens at low rpm/medium or heavy throttle. Higher rpm pinging is kind of uncommon. Do you have dark smoke coming out of the exhaust when you're hearing the noise? Perhaps we're dealing with carbon knock.
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