A lot of the posts up above have good ideas about things to check out. The timing being 180* out is quick and simple. If that's the fix that gets you running again, great! But if it's still running away on you once you do get it running, give a hard look at your governor to carb connections. Also in re-reading, I see you do have the I&T manual, and the page (44 in mine) that has Par. 161 and Figs. IH393-IH395 should be dogeared for future reference.
My experience on Hs and Ms doesn't include fuel and governor. I'm much more familiar with the 113/123 on he A-B-C tractors, and on them that governor carb synch (a different setup) is such that it's worth checking any time the carb has been off.
Did you do anything work on the governor as part of your project?
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