Tom,
I'll leave Bill to answer the 'rebuild quality' question, but in short excessive advance can destroy an engine. It usually manifests in (as Bill says)
burned out valves, but beyond that the 'pinking' will cause shockwaves that will evetually destroy the piston if allowed to continue.
I've seen pistons 'dissapear' completely due to this - e.g. when the head came off there was only a con-rod in No4!!!
If your engine is knocking then it needs to come apart to find out why - as Bill says make this the engine builders problem - not yours (if you
can).
NiG