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My suggestion Remove plugs and inject Oil in each cly and leave plugs out for at least 45 minutes install new plugs and or cleaned and dried ones crank engine and make sure choke is working if flood3ed hold on floor with choke open It is possible you are working with a badly flooded engine and gas washed cly walls loosing compression. No chance the timing chain jumped?




. If you get the plugs out , why not give it a compression test at WOT . that will tell you if the chain has jumped. It probably got carbon wires on it which are junk .
By pass most of the ignition system by running hot wire from + on battery to + on coil. if it runs , don't leave wire on too long as its very hard on points .