Here is the bit I don't get. Setting the static timing. So, points are gapped at .40, TDC line in timing window. Now, at TDC, the test light should light up to show that the points have opened. If not, then the beancan can be adjusted to deal with this. However, at TDC, my points have not even opened, and I cannot adjust them so that they do (at the beancan). Interesting....
Obviously the engine will not fire if the spark is in the wrong place. If I squirt some carb cleaner in and turn over, it coughs. This implies that the compression is ok(?). I can feel pulsing at the exhaust pipes. The cylinders are wet inside, as are the plugs. So this could be it.