The OHV doesn't have the same issues with chain tensioners that the OHC engine does. I doubt you're having problems with the chain.
As noted, carbon build up is one of the common causes of ping on this engine. Often times this can be cleared up with a de-carbonizing treatment (like seafoam).
The other primary cause is an engine that is running a little lean. Dirty MAF is one common cause. Another is a small vacuum leak. Sometimes it's a loose lower intake manifold, that introduces a little leak, that can usually be fixed by simply tightening the bolts back down.
This is a common complaint with the 1st gen OHV, and all of these "fixes" have been discussed many times. The search engine on this site seems to work pretty well, I would suggest plugging a few terms into the search engine and see what you can come up with.