I just replaced my engine with a low Km used engine, After setting the timming to the factory 10deg before TDC for a test up the street and noticed pinging or knocking sound

. i can adjust it out by running 5deg after TDC strangely the car runs reasonably well considering the timmings 15deg retarded?
BTW using all my old sensors from old engine and old distributor with new cap and rotor
my thoughts are:
1. wrong dampener, therefore timming marks are wrong; get the right dampener
2. messed up the distributor, getting too much advance; need new igniter or something
3. lean condition, therefore retarding the timing rectify's that; fix busted fuel system
Also can ignition timming effect an engine knock, lets say a wrist pin knock?????