Based on compression being good I'd do 3 things. First properly set the timing - do you have a dial indicator to set in the sparkplug hole?
2nd completely tear apart and clean the carb - note what jets, needle and slide are in it.
3rd put fresh gas in it - race fuel if possible.
Try to start it again.
If it starts and runs rough spray a little brake cleaner around the carb boot/reed block to see if there any any vaccum leaks.
My guess is a combination of these 3 with a chance of a leak in the boot area.
I'm going thru the same thing except mine runs great, idles perfect, just cant kick start it at all - bumps and fires instantly - likely a weak coil...
I want to hear about how to test the strength of the spark - literally hold the plug 1/2 inch from the block and watch?
Any recommendations on coil alternatives? Mine checks out good too...