Joe,
If the flywheel rocks at all when you spin it, you should be good to go. You don't need much compression to get it going. Use Coleman camp fuel with about 5% #10 wt oil. Don't use 2 cycle oil, or automotive gasoline. I don't know anything about your carb, but if the throat diameter is .150" or less, you should be ok. Keep it nearly closed on starting. If the throat is larger, close the throttle until the air going through it makes a "hissing" noise, or just barely open. Any more open, and you likely won't have enough air velocity to vaporize the fuel. This engine seems to do better with a very small carb. Keep the fuel level about .50" under the carb jet elevation. The ignition wire should be rated 5kv or higher. Turn the lights out and look (and listen) for ignition shorts, especially in and around the distributor. Late intake valve opening works well on this engine. As George has said any leaky valves will always cause problems. I vacuum test my valve cages. Pump up to 25" Hg. They should lose vacuum slowly with light oil on the guides. You are at the fun stage. Good luck.
Jeff
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