I had the same sort of problem as Beezermacc describes with my Huntmaster when I first put it back together. Pinking (pinging) every time under even a slight load with the standard ignition timing, I retarded the timing twice to try to cure it and although the pinking lessened the engine was getting very hot and still pinked every hill even solo. Oil leaking and a real hot smell, terrible when two up.
Out of desperation I found a garage selling leaded 4 star petrol for classics..... at a price! I filled up and two miles down the road the bike totally changed, I couldn't get it to pink no matter how much load I put it under. I re-set the timing to standard and it went like a train, no pinking, no hot smell and no (well almost) more oil leaking.
I truly feared the engine seizing before this but just the change in petrol was a magical "cure all". I've read many posts on modern fuels and many people seem to have no problems, not so in my case. Some research led me to "Millers VSP" fuel additive, this is an octane booster, lead replacement and ethanol proofer.
Using premium unleaded (BP Ultimate) and the Millers the bike runs the same as using the leaded 4 star but at a much lower price. I have never had any pinking or overheating issues since ( several years now).
Retarded ignition will make the engine run very hot, I often use my M21 for commuting to work coming home in the early hours of the morning through a forest, so dark. I set the timing and it was fine for a short while, then early one morning I looked down to see my exhaust header glowing bright red, I do mean bright red!
I checked the timing the next day to to find it about half way between where it should have been and TDC. A crack in the timing gear allowed it to slip. Even this old thumper gets BP Ultimate and Millers VSP, all my bikes do and I have peace of mind riding them.
Colin