Well, I think I may have had the plug wires backwards.  I had the wire from the coil closest to the carb going to the bottom cylinder.  Correct me if I’m wrong but the coil closest to the carb should go to the #1 cylinder (top)?

After switching the plug wires still no start, or popping.  It’s worth noting that I tested spark initially with one of those inline testers that illuminate a small bulb.  I was able to get my adjustable air gap tester from work and test it this morning and low and behold I cannot get a spark to jump a 1/4″ gap.  The spark is there, but seems weak.  The Chinese coils I have in the motor each have 8.8k ohms on the secondaries and 1.5 ohm on the primaries.  Thoughts?  Thanks!

Brand new points and condensers.  New copper core plug wires and plugs.  Dressed the new points with fine sand paper and set to .020.

Thanks for the info guys.  Looks like I’ll have to pop off the flywheel and investigate the mag assembly.  Compression aside, the spark should be way stronger.  Hopefully my compression gauge is just reading low.  I’ve always used it to find relative differences between cylinders on bigger engines with higher compression and have not really paid attention to the overall number.

I figure once I get the spark straight I’ll re-test, and hopefully she will fully light off.  If not I guess it’s back to the drawing board with the power head!