Maybe we should wager some bets! You guys are brutal
@5horsebriggs: The points were set properly and it wouldn't run -- I suspect it was a bad condensor, or at least that was part of the problem with spark. I replaced the points and condensor with an electronic ignition though, so they're no longer an issue.
I shipped the engine out to OND this morning. I honestly suspect it has to do with a timing and/or compression issue. I noticed today while prepping the engine for shipping (taking off the gas tank, draining the oil, removing the sparkplug, etc) that there was oil under the top of the shroud. That indicates a bad gasket on the valve cover (or a warped valve cover) and possibly some bad rings.
At any rate, I trust that OND will diagnose and correct the issue.
I appreciate all the support and suggestions and promise to update this thread with the remedies taken.
Cheers,
Capgun