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Start with the basics: Is the problem fuel, spark or compression? Get a can of starting fluid. When it conks out, give it a snort of fluid in the air cleaner inlet. If it fires right up, then you have a fuel problem. Otherwise, the problem is spark or compression related. Another way to see if you have a fuel problem is to pull a spark plug after cranking. If the plug is wet, you're getting fuel. If you have a fuel problem, I'd check for a leaky float. Shake the float; if you hear something sloshing around you've found your problem. When troubleshooting these tractors, realize that they will run pretty smooth on only 2 or 3 cylinders. So when it's running, it's entirely possible that it's only hitting on one cylinder. When that last cylinder quits, the motor quits. Don't assume that you have a single problem, you could have four different problems, one per cylinder! Since you just did a rebuild, check that you've got the spark plug wires in the right order; I ran mine with the firing order backwards for several months once. I wouldn't worry too much about the distributor shaft play. As long as the points are actually opening and closing, it should be OK. Check for spark at the plugs when you crank. Another thing to check is the valve lash. If the valves were set too tight after the rebuild, they won't close once the motor warms up. Good luck.
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