I went back and looked in my OMC shop manual for the '88 4.3....
base timing is 6*BTDC at idle rpm (600) and at 3200 rpm, full centrifugal advance is supposed to add 12* more, for a total of 18*. Not sure why but the 4.3s are not set to take as much advance as the 5.0 (22* total) or the 5.7 (29*total). I checked mine on the water so I could run it that high and it was right on the money. With the Advance light set at 18* it hit the mark at TDC which is as it should be. If your advance weight springs are retracting like they should and timing is set right then your pinging is likely due to a lean fuel mix or carbon build up. What did the cyl heads and piston tops look like when you changed the head gaskets? Where the heads ever decked? If so how much was taken off? That can sometimes raise the effective compression ratio. You should get at least 4600 rpm at WOT, the 4bbl models were rated at 4600-4800. Is the boat propped correctly? Mine came with a 14.5x19 and it was too much pitch, only got 4200 rpm. I had to go to a 15x17 for acceptable performance and max rpm. I have a 15.5x15 on it now, to get it a bit closer.
Lastly no matter what the boat companies say, I always used 93 octane and never had ping or run on problems. When I took the heads off to repair my blown HGs last summer, there was no sign of detonation or valve burning. Just an even build up of carbon.