Bartomas,
Thanks for the input. Especially your explanation of the vacuum advance function.
Noise is only heard when driving and under load. Never at idle. Yes, I installed a tach so I could see when the noise occurs.
I'll try the plug disconnect suggested by Pre'68 Dave and will re set the timing to factory spec.
Exhaust and vacuum advance checked out OK today when I got back from a brief test drive. I'll check tightness of all bolts before my next test drive.
In addition to the knocking noise, I am test driving because I am trying to adjust the hand brake so both rear wheels brake equally. Have replaced drums, wheel cylinders, linings, etc. but can't sem to get the hand brake to brake evenly.
Thanks, I'll get back to you later this week.