Sounds to me like a cam has slipped in it's wheel, being retarded the exhaust valve is clipping the piston because of the late timing. Also if you have installed Mk 2 cams, the extra lift could be binding on something....if you installed new followers, a big one is the ball ends on the pushrods not fully seating into the cup of the new followers, which then wear quite rapidly, and then eventually sink down the hole giving odd tappet settings and poor adjustment........Ahhhh, like everything on a Vincent, it all needs checking and then double checking when you change something.