A first thought. Was the tractor used regularly up until you got it? It couldn't hurt to make sure you're still getting fuel. I'd recheck the screen on the elbow at the carburetor inlet, have a look at the sediment bowl, and just for giggles, take something like a paint stir and stir around the bottom of the tank near the outlet to make sure there's nothing plugging it. If it set for a really long time, you may just be having problems from ancient sediment being stirred up by the flow and even just moving it around. Have you timed this baby yet? With the way you described the old cap floating/setting crooked, you may be out of time. Pull your coil wire out of the distributor cap. Pull your #1 plug and turn the engine until it's coming up on compression on #1. Look into the #1 cylinder with a flashlight and get the piston to the top. You might have to rock the engine back and forth a little bit with the fan to get it centered on top as close as you can get it. Now comes the potentially ugly part. Look up through the hand-hole on the bottom of your bell housing. With any luck you will see a finely scored/stamped line running front to back on the flywheel. If you really are living right, you might even be able to make out some lettering alongside it that says DC 1-4. (These marks are very often obscured in the rust on the surface of the flywheel.) This should all be very near the bottom if you have the piston lined up fairly close. Just ahead of the flywheel you will be looking at the back of the flyheel cover, and it should have a pretty prominent nub, oblong pointing vertically. This is what you want to line that mark on the flywheel up with. When they are lined up, you will be at TDC on #1. Couldn't hurt to reach up while you're down there and dab a little brightly colored paint at the front of that line on the flywheel, just to make it easier to find next time. ( I also find it handy to clean up a spot on the crank pulley and on the timing cover, and paint two small marks there. Saves having to crawl under the tractor every time you need TDC.) Now take a crayon and mark a spot on the distributor body as close to being in line with the radius to the tower for the #1 plug wire as you can get it. Pop your cap off just to make sure that your rotor is pointing fairly close to this mark, and put the cap back on. Just ahead of distributor body you'll see a couple of bolts that tighten a flange down onto what looks like a thick washer. Loosen these two bolts a little bit, just enough to be able to turn the distributor. (Can't remember now if they take a 1/2 or a 9/16, but I know I need a stubby to get to one of mine.) Looking from the cap end, rotate your distributor about 30* clockwise. Now you'll be back on familiar ground. Get the end of that coil wire that's dangling loose near a good ground. With the ignition on, start turning the distributor back counter-clockwise until you get a spark. Tighten back down the two bolts on the base of the distributor and you should be set. You'll have spark at TDC with no advance. The books suggest that you leave the coil wire off and turn it by hand a coupla more times, just to confirm you're on. Every other spark you get from the coil wire (i.e., when you're firing #1 and #4) you should also be lined up on the mark on the flywheel. Every other spark in between will be on 2 and 3, and you have no mark for them You could use a timing light later, but be aware that the distributor, if it's working right, will advance the spark by 17* at 600 rpm, and 20* at 800, so you'd have to find some way of measuring a mark at one of those points if you want to check it running.
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