spi spec ur valve clearance should be 0.027mm-0.030mm i set mine at 0.28 and this is running great with my metro engine
to be honest id look at the fan belt or the dizzy founds like it either advacing too far and pinking or the fan belts slapping about to me anywho or the engines leaning out at high revs
did u adjust the dizzy with the engine out ??
Re did the timing when changed the head, didn't touch the dizzy when the engine came out but it was doing it before that.
Nothing to do with the fan belt, advancing too much/not enough or leaning off sounds about right.
Ben