From the pics, looks like a piston ring/cylinder wall clearence issue. only a ring issue would cause that piston damage. No detonation noted---but who knows. The top ring is broken--can't see the other end---or the builder gave it plenty of gap, strangely enough no sign of cylinder wall trauma either---but the pison is at tdc, could be jacked below. Chamber is well chingered wich means the valve job would probaly suck right now. Pull the slug out and look at it, if the cylinder wall looks ok, put the same piston back in it and run it. Piston weight does'nt matter, material is never removed from the piston for balancing. I would for sure inspect the valves and seats---maybe a touch up on that hole. Also the total timing number was'nt real. My 2 cents, hope for the best!
mark