Bob, Cannonball Cobra is correct in his assumption. If you get a boost in power the same time it starts pinging, 3500 rpm, the timing is definitley advanced too far. You are getting pre-ignition. Make sure that your temperature is correct so you are not getting too high of a temperature in the heads and combustion chambers. ( another reason for pre-ignition )
Then, even though the timing may be right on, you need to fix the rattle.
First mark the distrubutor, draw a line down the distrubutor shaft with a sharpie onto the block, so you know where you started and can return to this point if need be. Loosen the distributor hold down bolt and turn the distributor the same way the rotor turns, about 1/8th inch at a time until the pinging stops. Testing under load after each movement of the distributor. This retards the timing. You may feel a small drop in power, but it is better than a hole in a piston, ( worse case senario ). Now see what the timing reads. Do you have degree tape on your damper? I don't know how much you know about timing an engine so I hope I don't sound too simple in my explanation. Good luck. Gregg