If an engine is getting gas, and has a strong spark, and the spark is happening at the right time, and the valves are operating at the right time, it will run. The fact that it won't start on ether is interesting. It may indicate that the engine is already getting too much fuel ( i.e. flooding) to run. I've had that problem. Make sure the spark plugs aren't wet , which would indicate too much fuel or not a strong spark. Replace the ignition condenser, which can cause odd problems. It's possible your cam timing is off, which would throw off the ignition timing as well. A bad timing chain will do that, although your engine uses gears and not a chain, but there are still possible failure points in the valve train. Be certain your distributor rotor is actually turning, and the points are opening and closing. With the spark plugs removed, you might still try using a timing light to check the spark timing on number one cylinder ( closest to the radiator) while cranking the engine. You could lose compression in one cylinder due to a valve hanging up, but the engine would still run . You can remove the carburetor entirely, and try to start the engine on ether, which would eliminate flooding from the carburetor. While you're cranking the engine, and spraying ether into the intake, you could use your third hand to rotate the distributor back and forth to see if for some reason the timing was way off. Make sure the plug wires are back in the right places, and refer to the firing order ( 1-3-4-2) to confirm that.
As stated in the post above, you may have solved one problem while creating another. ( Much of my personal success, such as it is, is probably due to "compensating errors" ). Good luck !
