Let me discuss this from experience...

Firstly, LOOSE YOUR NEED to use the o2 to do any WOT tuning, the only thing your o2 sensor is good for is to know its working, and to give you some fuel economy when crusing, DO NOT use it as a baseline/guide to do your tuning.

Secondly, I've had the "timing" problem as well.. I would be on the highway, punch the gas, and the car would drop to 12deg and stay there all the way to redline.

The bad part is i`m not sure exaclty how I fixed that, but I believe it had to do with the airflow readings.. Are you using a MAFT? or a VPC? If so, you may want to check your mid/high settings.

As for the knock, leave the timing sliders at zero and dont touch them for now.. I would suggest adding maybe 5% fuel across your rpm-band to see if it helps the problem, also what injectors are you running and what is your deadtime set to?

p.s.: log your airflow readings when this happens and see if rises steadily or if its all over the place.