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So it's getting spark and it's getting fuel (wet plugs). I assume it's getting intake air, so by all rights it should run.
Could it be getting TOO MUCH fuel, as in a failed fuel pressure regulator? Pull the vacuum hose off of it and check for the presence of fuel - that would indicate a blown internal diaphragm. A pressure check is the best test as the regulator could fail and NOT show fuel in the vacuum port. Also make sure the return line to the fuel tank is unobstructed.
I've not owned a 740 older than 1990, but I'm wondering if there is possibility that the hall sensor timing could somehow slip. Have you checked that the spark is timed correctly? Are you sure it's timed to the top of the compression stroke and not the top of the exhaust stroke?
Just brainstorming....
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