Rossi wrote:....switch to premium matey, high compression engines always run better with 98RON or higher

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they do, but this is not a high-comp motor. The standard c/r on an 84 Geeper 7fiddy is 9.5:1 (that is the monoshock model A2) - is this the one you have ??
The knocking sound you have described, sounds like detonation to me - needs to be fixed before you do any significant damage. These models did not have the old-school style advance unit on the end of the crank with weights etc - they rely on a specific circuit within the ignition unit - the IC Ignitor box.
You can check the operation of the electronic advance unit easy enough with a strobe light (attached to #1 or #4 plug leads) - the timing is checked behind the engine cover on the r/hand side of the motor. Take the cover off, shine the strobe light at the timing marks. At low speed (idle), the "F" mark on the rotor should align with the timing mark cast into the motor. At full advance revs (3800-3900rpm) - the advance mark (C) on the rotor, should align with the timing mark. If these check out OK, then the ignition timing is fine.
Its a really easy job to check the timing. BUT - If the IC Ignitor box is from an early model 750, it will still work, but these early boxes do not have the advance built into them. These boxes are easily damaged by reversing polarity on the battery, or disconnecting the battery with the ignition switch on 'ON'. If this unit has ever been replaced, this may be the source of the problems. Normally, these old girls rev like the shitter, it should easily pull 11 grand on a good day !!
If the ignition timing checks out OK, it may be worth throwing a tank of 98RON into it, just to see if it makes any difference. But under normal circumstances (with stock compression) - normal 91 or 95 unleaded should be fine. If the motor is badly carboned-up (ie carbon deposits on the piston crown) - this can raise compression and can be a source of engine knock when using low RON fuels.
Spark plugs also need to be checked - these old girls like B9 plugs (colder) not the standard B8's or B7's. If it is fitted with 8's or 7's, ditch these immediately and throw some B9's into it. This could help a lot.
See how these adjustments go first - gearing may be another potential issue, as could cam timing. But hopefully it will be something simple.