Re: 1968 merc 350 pinging at WOT. timing?
Slightly dirty main jet, running a bit too warm, poor fuel, advanced timing, any or a combination could cause a WOT pinging.
Ping will destroy an engine rapidly.
Clean the carb, do a complete link and synch following the direction in the service manual which includes adjusting the timing.
You may find your sercive manual here.
http://www.hibbing.mn.us/index.asp?Type=B_BASIC&SEC={8B2E6CEF-5E42-4BA4-AA26-31E0490E23F4}