Something is wrong with the points. They could still be oxidized, not making contact, or the wire from the coil to the points is broke, not making contact at the points.
That should be an easy fix, sometimes they just need to be replaced.
Once spark is restored, revisit the carb again.
Did you give the float the shake test? Take the float out, shake it, listen and feel for gasoline inside one of the pontoons. If so, replace the float.
How is the cleanliness of the fuel? The tiniest speck of rust or trash can and will hold the needle valve open. Take a fuel sample in a glass, see what is coming down the line. Be sure the sediment bowl screen is in place. If the tank is contaminated it will need to come off and be rinsed out.
Before you put the bowl back on the carb, turn the upper housing upside down, let the weight of the float hold the needle against the seat. Suck on the fuel inlet fitting, put your tongue over the hole. If it won't hold vacuum, it won't stop the fuel flow. Either the needle or seat is damaged or defective, dirty, or the seat is not tightened down against the gasket.
Be sure the float is not bent or touching anything, like the inside of the bowl. There is a float level spec, it will be in the kit or found online. Set the float level by the spec measurement.
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Today's Featured Article - The Niagra View Mobile - Powered by a 1959 Ford Tractor - by Mark Massey. In 1959 the Niagara Frontier Transit Inc. of Buffalo, New York designed and built six Viewmobiles for the Niagara Frontier Sightseeing Inc. for use as a sightseeing ride at the Niagara Falls State Park, Niagara Falls, New York, powered by a 1959 Ford 611 Tractor.
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