As for the compression, it is a little low, but I've seen worse still run. Try setting the valve lash. Do a wet/dry compression comparison. If a big difference, might be time to look into a rebuild.
To the fuel system...
Be sure the choke plate is closing fully. It probably is, because you say it floods easily. But, fuel dripping from the carb following a failed choke assist start is normal.
There is a drain plug in the bottom of the carb. With the fuel valve open, engine not running, pull the plug and catch the flow in a clean glass. I should full flow at first, then slow somewhat as the bowl empties. But it should continue to trickle (if gravity flow), not slow to a drip or stop.
Look at what was caught. The fuel should be clear and clean. If cloudy or liquid water on the bottom, the fuel is contaminated with water. If dirty or rust flakes, the tank is rusty and flaking. Whatever is in the glass will also be in the carb. Even though new, it can be clogged if the gas is bad.
Next check the spark...
Check AT the plugs while cranking, with the plugs in. You can make a spark tester with an old plug. Gap the plug open to 1/4" or break the electrode off. If it won't jump 1/4" at the plug end of the wire, the cranking ignition is weak.
Weak cranking spark can be caused by a weak battery. Easy test, have it load tested. Also too small battery cables, bad cables (temporary clamp on cable ends), loose connections, bad ground. Anywhere heat can be felt is a high resistance connection.
A worn starter, loose bushings causing the armature to drag, can cause the starter to pull too much amperage, robbing voltage from the coil.
The wrong or defective coil. With the ignition on, engine stopped, points closed, check the voltage at the coil. If the voltage is near battery voltage, the coil you need is wound for use without a resistor, and will have about 3 ohm resistance across the primary terminals. If the voltage is lower than the battery voltage, around 9 volts, the coil needs to have around 1.5 ohms resistance and designed to have a resistor ahead of it. While checking coil voltage, disable the starter, turn the switch to start position several times. Be sure you get steady voltage at the coil while the switch is on or in start position.
Now, to the distributor. A common problem with distributors is side play in the shaft. Any play beyond just a few thousandths inch will result in the points not staying set properly. Also the centrifugal advance can get rusty, worn and not function properly. If the distributor is worn, a rebuilt distributor is the easy fix.
Or... Get rid of the points! Go with a Pertronix pointless conversion. They don't mind a little shaft play. Todays points and condensers have a terrible reputation for being bad out of the box. If looking for reliability, electronic is practically a must. While at it, a new set of spiral core wires would be a plus.
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