AppEdge,
I went through EXACTLY the same thing this past weekend on a 1450! Engine ran before I replaced all of the ignition components and rebuilt the carb.
Once all back together, it would not even act like it wanted to fire. Found some trash/water in the fuel bowl. Removed carb and gas tank for thorough cleaning. Did notice that the ring gasket on fuel bowl may not have been seated properly. Put it all back together again and still nothing more than an occasional backfire (more like a poof!) through the carb.
Checked and double checked everything. As a last resort, I finally went back to the timing using the 'static' procedure again and put the flywheel "S" just below center of the viewing window. Cranked it over and it fired right up and ran great!
So, if you have fuel and fire, I would suggest tweeking the timing setting up and down to see if that gets you anywhere. I've seen some posts where guys run anywhere between 13 and 22 degrees, so I guess dead on 20 is not necessarily perfect.
Not sure if this will help, but it did work for me! Please keep us posted on your results!
S
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