Must be closely related to the bad economy :roll: Prez says it'll get better, just park it behind the barn til election time. It'll be fine then.
On the serious side. When you had it running, did it run OK? Did you do anything to it after that? Remove the distributor and or plug wires and maybe put them back in the wrong order or put the dist in at 180 degrees off? What you describe about turning the engine and the valve opening SOUNDS right, maybe the stuck valve/jet in the carb (reason it's pouring out gas) is just flooding it real bad which would have it backfiring out the exhaust a little I'd think. I'd fix the carb problem, put the #1 cyl on TDC at compression, clean/gap or replace sparkplugs as needed and verify timing and firing order, then try again before ripping a bunch of stuff apart. I've been known to wear a sign now and then though, so take or leave the advice as you see fit.
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