New start up 90 GT

OK. been doing a top end kit on my 90 gt. Everything installed and ready to fire. Primed the fuel pressure and oil pump. Takes a few seconds to start, at the time the dirtibutor was not snugged down. Smoke filled the garage but dies down soon after, I guess all the oil and crap burned off the headers. My buddy was standing by the engine to monitor what was going on. THe first 30 seconds it was chugging trying to get out of its own way. Also the headers we becoming "cherry red" as he stated. So i told him to advance the timing a bit, did not use a timing light just then, he twisted it a bit. For hte next thirtu seconds it sounded like monster, great. THe last 45 seconds or so it became very erratic, and knocking was coming from the itming cover, about every 1 to 1.5 seconds and it was getting louder he claimed, so he shouted and told he to cut the engine. Not feeling to good about it. THis is our first inital run, can anyone tell me what I did wrong? I rotated crank to zero amd matched up the rotor with #1 plug on cap and routed wired correctly. Any help would be appriciated. Also the knocking sounded like this car in the link...

YouTube - Formula Firebird Engine Knocking (D90)

thanks in advance
V

so i guess the question is ... the knocking to me sound like pre ignition . sound right and the fix would be to time the ting when started up, set it and let her run and break in some ??

V