If you are having a pinging knock in the combustion camber at 5°BTC, that sounds more like a mechanical issue. But then again, you said the c&r, plugs and wires were replaced wen the symptoms started happening.

 

I bumped the timing back up to 10 BTDC with the new msd cap and rotor. And its alot worse you get on it and get it up to like 2000rpm just on flat ground and it pings

 

Is a harmonic balancer "slipping time," being two separate pieces isolated by rubber, ever become an issue? While checking #1 plug, I put a drinking straw in the cylinder on compression stroke to see approx where TDC is just to make sure.

 

Put your spark plug gap back to .044.
.054 is too wide.

 

Are you sure for the 92 5.0?

 

I thought 1992 5.0 were supposed to be .054?

 

300, 302 and 351 all factory spark plug gap spec .044" -@LLD@T@

 

Do you still have the sticker under your hood that says as much? Its a vacuum diagram with some other info on it. Sort of towards the driver side on the bottom of the hood.

 

Well, maybe I am wrong. I'm working from memory.

 

Ok could having the gap to wide make it ping?

My sticker says .052-.056