Generally speaking, if your ignition is so far advanced - to the point where running the engine risks the possibility of mechanical damage - you would probably have noticed any or all of these symptoms by now:
1. Excessively high idle
2. Backfire at engine shutdown
3. Kickback while cranking the engine to start
Ignition timing is changed by loosening the clamp and indexing the distributor:
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Unless the clamp bolt is loose, the timing will stay where it was set. (Sorry, I don't have any images of a BB distributor.)
If you suspect that your timing has "wandered", check for that possibility this way:
Without tightening /loosening the clamp bolt, grasp the distributor cap in both hands and attempt to rotate it in either direction. To test whether the distributor is securely clamped - twist it hard!
Even with the clamp loose, it is sometimes difficult to budge the distributor from it's present position. If you cannot move the distributor - it is unlikely that your timing has changed.
Whether it was set correctly in the first place is another matter.
To identify any exhaust leaks, listen to Zach when he says:
pour a little marvels mystery oil or 3in1 oil down the carb and it will quickly show you where your exhaust leaks are.
I don't know about 3 in 1 oil, but MMO dribbled into the carburetor throat of a running engine will cause streams of white smoke to issue from any active leaks in the exhaust system.
There are other - more serious - reasons that will cause an engine make the sounds you describe, but eliminate the simple stuff first.
A good first diagnostic would be to loosen the distributor clamp and retard the timing just a bit (turn the cap CW - looking down). If the noise diminishes, go a bit further. If that helps even more, stop - at that point you should really buy or borrow a timing light to determine where your timing is set.