Thanks JayBee- that picture matches what I have in my 72 manual, so I appreciate the confirmation.
PlumCrazyRTSE, I sure hope you're right. The really odd thing is that the car runs great and idles great, except for this backfire. I can reproduce it quite easily under a very specific scenario (in 1st gear accelerate quickly to 3500 rpms, let off gas and put in the clutch to transition into 2nd gear-->pow! shotgun blast!
I saw that one wire sitting up against the header and I then remembered (your?) post about a burnt wire causing a backfire. On closer inspection, it sure enough turned out to be a serious burn through the outer jacket. I had just replaced the wires a few months back and I thought I had been careful to tuck the wires away from heat sources. Well, there goes a few more $ down the drain. I got a new set on the way.
I'll provide an update in a few days, once I get the new wires and get a chance to play with it again.