[philminotti]

Once upon a time, it ran and ran well, yes?
Fuel, Air, Spark. There are only three basic variables.
Although I'm an EFI guy, it could be carb related... An excellent test is to buy a can of starter fluid. If it fires right up, it's likely a carb issue. I too would put a timing light on #1 and check initial timing as well as verify that you're getting any spark at all.