Thanks for the update on what you have. Again, I'm not at all familiar with 73's, but a few more things come to mind.
1) is this motor stock or modified in any way? (other than the carb/intake)
2) Pertronix module, is it a black ignitor I or a red ignitor II. I hope it's not an ignitor III which is known to be problematic.
3) Your plugs are the equivalent to Autolite 25's, which were the plug spec'd for the 71 Boss motor. I use these in my motor as it proved to need a hotter plug with 10:1 compression ratio. I'm not sure what the spec'd plug is for a stock 73, might be worth checking as your plugs might be a bit too hot.
4) the distributor is an original Motorcraft/Autolite. What condition is it in overall, can you feel any sideways play on the shaft? Excessive movement
might cause the timing to "wander", but not the cause of the backfire situation I'm thinking. If the dizzy is in ok condition, I would want to know what the timing slot number is. For this, you would need to pull the points breaker plate out. I might think it will be a 15L which equals 30 degrees of crank timing. This would likely have had only 6 degrees of initial timing for a total of 36 mechanical, no vacuum applied. For some reason, this number seems to be the max, BUT other than for emissions, 6 degrees is not enough for Cleveland's. That is why 12-16 degrees is desirable initially and why the slot number needs to be reduced. If your dizzy has a 13L slot, you could set the initial to 10 degrees and try that. Now here's a quick trick, place a piece of NYLON 1/8" tubing over the little post. That will get you close to a 10L slot. A 10L slot I found to be perfect on mine with 14 degrees of initial timing, 34 total, 20+14.
This can and will get overwhelming I know. It took me a looong time to get it straight in my head, but then it's simple..... sort of! Maybe I'm getting a bit too far ahead at this time, but bottom line is you need to know what you're dealing with. Here's a couple of pics of the slot plates that might clear things.