If you haven't already, I would pull the head of the engine. It sounds like there was a lot of air escaping from the cylinder during the compression stroke while you were starting it, which is a symptom of a blown head gasket.
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'70 107 with k301 engine swap
'71 106 with 38" deck
'70 147 R with factory replacement k321, 42" deck
'61 Original with 38" timed deck
'63 70 "pinkie"
1863 with 54" deck
'46 Farmall H, '50 Farmall Cub
105 x2 (parts)
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