Engine was hydrolocked but was able to free it up and have good compression in all cylinders. I rebuilt the carb, used Steiner Kit - Came apart and went together smoothly. Got it fired up and ran poorly. After some investigating, found the Governor was out of whack and adjusted the arm to 1/16" to short to throttle linkage. This definitely helped the pulsing but also flooded the hell out of it as I was running it with to much choke, but was necessary when the governor wasn't set right.  So needless to say fouled out the plugs, once they were cleaned up I wasn't getting any spark from the distributor. I pulled the distributor, Marked everything for reassembly, gapped and polished the points and contacts in cap, checked the coil and everything was good. I cleaned up the ground on the coil and got spark back. 

Check that the carb is not letting too much gas into the engine.  The needle and seat in my carb would stick open and flood the engine with gas.  Hard to start after that because it had to clear all the gas out of the cylinders.