A couple inputs:
1. 10.5:1 compression and pump gas. If older heads, probably not enough octane to dampen any detonation. Car will run hotter under detonation conditions.
2. Check for lean carb condition. Headers shouldn't glow red at idle.
3. Agree with previous post on perhaps running too much timing advance
4. Don't run Water Wetter with any anti-freeze. Either Anti-freeze/water mixture or Water Wetter/water mixture.
5. Motor was sitting in the chassis for a year? Did you pull the distributor and run a primer tool off the
oil pump and pre-
oil the bearings and valvetrain? How about spraying some WD40 down the cylinders? You possibly scuffed the cylinder walls on a dry start.
Hope you get it all sorted out.