There is, however it pulls more timing than may be necessary. If you look at a data run and the ECM is pulling 6 degrees, it's possible that you may only need to retard the timing by 4 degrees. You'll still hear the initial ping though.

So yes, you do want to tune out all the ping, because if you don't (aside from the potential engine damage), your ECM is pulling more timing than is necessary, therefore reducing performance and efficiency. Truthfully, the most power isn't always made with the maximum timing used, however for home tuners like myself, there's no way to tell where the most power is made without shelling out money for dyno time.