The 6 banger pop!!!! I know it well from my buddies 74 truck with a 240...
I've seen this happen on his a few times for two reasons, I think already listed... #1 of course, make sure the timing is right, and also the advance operation. But I have seen flaky carbs cause this also. They run too rich, and expel unburned gas into the exhaust, where it eventually explodes. I've seen this blow mufflers off...

So if the timing checks don't fix it, do a careful check of the carb to make sure it's not too rich. MK