Sounds to me like the points gap was set wrong LAST time someone tuned it up, and had to compensate for that by adjusting the timing. I'm guessing that all you need to do make it run now is to loosen the distributor and rotate it a bit to advance the timing. Don't turn it very much, and do it slowly. If you turn it the WRONG way, the engine will slow down. Turn it the CORRECT way and the engine will speed up. You'll figure it out.
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Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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