Howdy Repairman,

Start right from the beginning. Adjust the valves. Check compression. With both of those in spec, you now know that any reason for not starting will be because of carburetion or spark.

Run a hot wire directly to the + side of the coil. That eliminates any questions about ignition and start circuit problems. If you don't have spark, there is definitely a problem in the ignition circuit. Are the points adjusted to somewhere around .018"? Is there continuity from the points to the coil (but not from the coil to ground through open points)? That is all it takes to make the ignition circuit fire. If you do have spark, does it occur at the correct time? If so, the problem is with fuel and air delivery. If not, why not? Distributor position, broken rotor, or miswired HT leads.

With known good compression and spark occurring at the correct time on all cylinders, the only variables left are fuel and air. Set the jets at 15 flats from seated. The engine will start. If it does not, drizzle a small amount of gasoline into the throats of the carbs. Does the engine fire and die? Then you've got a fuel problem. If it does not, begin again because something has been missed. If it does fire and die, the problem is fuel delivery.
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Mr. Shannon DeWolfe -- (I've taken to using Mr. because my name tends to mislead folks on the WWW. I am a 51 year old fat man ;-) -- KD5QBL