I've been getting a bit of pinking at full throttle between 3,000 - 4,000 rpm.
I've twiddled with the timing a lot, but it wasn't effective until it got very retarded (1-2 deg BTDC at 450 RPM).
For a bit of fun, I bought an Air/Fuel ratio gauge and installed it. It uses an oxygen sensor which I fitted into the exhaust about 12 inches from the manifold. The gauge is a bit flashy with LED readout and things, so I hid it by my knee next to the steering column. It's a Bosh sensor and seems like a good quality product.
I'm wondering what readings I should expect while driving. I read one description which said the ratio should be 15 - 16.
Mine varies quite a lot depending on conditions. It is generally higher (=leaner) at higher RPM and smaller throttle. It gets lower (=Richer) as the RPM drops, and especially at wider throttle.
So when cruising on the motorway at 55 MPH, it is getting up to 17 or so (a bit lean?). If I put my foot down, it fluctuates (due to dashbot?) then drops to the 15-16 range. As the RPM drops (e.g. climbing a hill) I watch the ratio drop as well. In the 3,000 - 4,000 range at full throttle it will drop to around 13 (a bit rich?). Also, the idle mixture is around 11 when I set the mixture on the carb in the standard way.
Adjusting the mixture definitely changes what I see on the gauge in a predictable way, but the variations with throttle and RPM remain.
Is it normal for the mixture to lean out under small throttle / high RPM? Is this OK for the engine?
If I were to set the mixture using the gauge as a guide, what value should I look for and under what conditions?
Is this TMI... would I be better to throw the gauge away and not worry about it?

The car is actually starting and running very well, other then the small issue of pinking. I have set the timing back to the standard (4 deg BTDC at 450 PM). The pinking is very inconsistent. It usually only occurs when the engine is well warmed up, after driving at least 10 miles or so, and even then it doesn't always happen (but if it does,it's always between 3,000 - 4,000 RPM at full throttle). I keep thinking that it has gone, but then it comes back.
I also have a new distributor with electronic ignition. This made the car start much more easily and run more smoothly as the old one was quite worn. It made no difference to the pinking, though. It's supposed to be a replacement for the old one (45D I think...).
My carb came from a friend who is a Mini enthusiast. From the angle of the float bowl, it looks like a Minor carb, but the needle may be wrong. Would a wrong needle (e.g. with a slightly different profile) tend to cause the mixture to be very variable under changing conditions? I have a small collection of carb bits and spare needles so I could try a different one..
The car is a 62 4-door. The engine is a standard 948 (9M-U-L).
Great forum... thanks for any suggestions!