I get several responses when i tell people i bought a pinto. People my age(18) and younger usually say "a what?"(I find it funny that a previously very notorious car is now unknown to many people). The others come from people older than me and both responses begin with a laugh followed by either "Why?" or "I loved my pinto!". No matter what its always a conversation starter.
Several months ago I began looking for an older car to restore as a project and drive to college(I just finished my freshman year at Iowa State University). After alot of window shopping mustangs and bidding on a few other older cars i found a 78 pinto hatchback for sale only a few hours away. My dad had driven a pinto in school and so had both my uncles so i thought it would be cool to continue the "tradition". I called the owner of the pinto and found out that it had spent its entire life in Texas(

no rust

) until a year ago when him and his mechanic bought it to make an autocross car. The mechanic replaced the carb with a 350cfm Holley 7448, replaced the entire exhaust with a speedflow header, magnaflow muffler, and all new pipe. They also installed a brand new radiator, water pump, and hose. The car was being sold with 4 new never driven on tires. The car had only 62,000 miles on it. I thought it looked like they had a great start on their project and asked the owner why they where selling it, he replied that his mechanic had died (oops). Anyways after making an offer and and waiting several days for a response, I got the car for only $850. The car had to be trailered because they had removed the gas tank and had not yet tuned the new carb(they hadn't ran it at all since installing all the new parts!)
Me and my grandpa made the 4 hour each way trip together to go pick up my first car. when we arrived the car was in a little worse shape than i had noticed in the pictures, there were quite a few dents and each dent and scratch had been painted over with a different shade of green. The car was still really solid and even looked good underneath. we brought it back home and it sat for a month and a half while i finished the school year.
I've finally started the project this last month. So far I have fixed the timing belt(was two teeth off), tuned the carburetor, and done alot of messing with the ignition timing. I have also installed a temporary 1.5 gallon gas tank attacked to the spare tire with bungee cords so i can drive to test my tuning. The car is definitley burning alot of oil (I think the county would pay me to fog for mosquitoes lol) but I dont think it is bad rings because of the low mileage and i have 180psi of compression in all 4 cylinders. I think the oil is probly originating from worn valve seals. If the car is 34 years old and has 62k on it then im assuming it sat for a long time and with out oil those little rubber seals probly cracked to dust. I ordered new seals and a valvecover gasket, should be here on tuesday. Despite the smoke, the engine runs good and has pretty decent power(for a 4banger). My only problem now is that if i give it much throttle when under load, i'm hearing some very definite spark knock or pinging. The pinging occurs regardless of my ignition timing and even with the vacuum advance disconnected. I took it on a drive last night and kept retarding the timing by a gnat's butt at a time, after running my small tank nearly empty and accomplishing no change at all, i went home. I got out the timing light to see where i was at and my timing was set for 1 degree after TDC

I've been reading and reading and I cant find anything that tells me a good answer. I thought it might be too hot of plugs but i checked and they are new clean plugs of the appropriate heat range and had the right gap on all of them. The other cause for knock i read about was bad gas, I'm running 87 octane and that should be fine to run in a 78, but it got me wondering and i think i have a theory.
OK so this is just a theory and I want u guys to tell me if i'm crazy but i think i might know why i have spark knock. All that reading about octane got me wondering what the octane of engine oil is, i looked it up and its somewhere between 40 and 50. This makes me think that if i'm burning a significant amount of oil, it could be drastically decreasing the octane of the gas in my cylinders causing preignition. what do u guys think? I'm just a kid playing with his first car, i could use some experienced input.
As soon as i know i can make the engine run perfect,the engine will be pulled, the car is being stripped, body work done, painted and undercoated, new interior. I'll post pics in a bit.
thanks for your input in advance