Hi Q8
the "loud pinging sound" may be the same as mentioned in previous posts. At high revs and under load some people have experienced such noises (pinking).
Morgan have a revised ECU map which slightly retards the ignition under these conditions and the noise goes away.
You should be able to search the forum and see what has been posted about this.
Obviously there may be another reason, but this is a simple thing to check and rule out.