"An engine with a spark timed about right will usually fire if there's gasoline in the combustion chamber."
This is why I'm saying something other than the carb is hosed up at this point. Valve lash to tight... leaky rings.... etc.
110lbs you should at least get a little running on starting fluid. NOTHING tells me (if there's some compression) that you have to check the STATIC timing.
Find TDC on the compression stroke and see where your points are opening ref that. The points advance and cam are on a tapered NON-keyed shaft. It can slip. Rough static timing is done by knocking that whole assembly loose and replacing it loose with the piston at some (I don't have my book with me) position either at TDC or just before. The advance is turned till the points just open (with the advance plate centered in it's adjustment slots).
I'm doing this from memory so someone feel free to fill in the details.
While you are at it, check that your battery
is ok and all the associated wiring. You can manipulate the points with a grounded plug and should be able to make it spark.
Poor mans leak down test could tell you about the compression situation. Put the Piston at TDC (again, on compression) and push your rubber tipped air blower against the plug hole (if you have one of those compression testers with the gauge that is on a quick disconnect... guess what ... that will usually chuck right to your air line). Dial the regulator down LOW and feed in some air. Listen at the intake, exhaust and breather. Where's the air going the most... out the intake you have a sticky intake valve etc.