Not that likely, depending on what is the cause if the "ping" you are experiencing. These are pretty durable engines, not maintaining one and still having it run like a top was kind of what made them legendary. Once you have the timing set correctly, a compression test /leak down test will tell you the condition of the engine, a bore scope would allow you to take a look at the cylinder wall and heads to see if the pinging has caused any damage. If you don't hear any "clack" when running or "knock" on cold start up, the bottom end is likely good.
