Did you try backing your timing off until the ping goes away? (I don't remeber if Ford had knock sensors by 1994-95 or not, if they did that may be something to do with those years of cars having the pinging problem. )
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Good luck!
Brad R.
1992 L.X. 5.0 coupe
MODS: A few little bolt ons 
New Best time ...11.60 @ 128 mph @ 2000+ ft altitude.
Rice Haters Club member #39
Users rides #2542
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