I might be wrong, but that is what I've heard - this engines were designed to run on a regular fuel, not for premium. Premium fuel has higher octane in it which is causing higher detonation. I buddy of mine destroyed engine in Grand Am in one year filling up on premium...
I am pretty sure you are wrong on that. Higher octane will generally cause an engine to ping less and run cooler. Runnning premium fuel in an engine that is spec'd for regular fuel should not have any detremental effects on the engine (it justs costs you more money for the premium fuel). Now running regular fuel in one that is spec'd for premium can cause some issues.
Over kill......you might have to play with the timing some more to get rid of the ping (although I think you have other issues other than the timing that is causing the ping).
Are the valves adjusted correctly?
Are you 100% sure you have the crank and cam timed correctly. If you don't have the cam and crank timed correctly, but have the ignition timed correctly, it would be causing the valves to open either early or late and could cause some odd running behavior.....it would also throw your valve adjustments off.