I assume you've never seen/heard this machine run?
The distributor is 1/2 crank speed, so the Wassel has to have two pick ups, unless it is driven off the crankshaft? In any event the timing needs to be verified.
Does it even try to run on starter fluid?
In any event it's a pushrod 4-stroke. If it has 90 PSI or more compression, spark at about the right time, it has to run on starter fluid. So either the cams are mis-installed or the spark timing is waaay off. Gap some new plugs to 0.015" - 0.020" and try on starter fluid.
If it isn't even trying to start, then it's time to put some numbers to the guesswork.
First - put some real numbers to the compression. Record cranking PSI on each cylinder with a wide open throttle. 90 PSI or more is good, maybe balanced within 5 PSI or so side to side is real good
Next - find a helper and a timing light, pop off the primary cover, mark TDC, and see where the spark is really happening. Anywhere near TDC and it should either backfire or try to run. If it's not, make it happen.
If it's all good and still nothing, find/make a degree wheel & attach to the rotor. Pull the rocker covers and "rough 'n ready" degree the cam if you don't have a dial gauge. Exhaust opens maybe 10 degrees before BDC, closes just after TDC. Intake will open just before TDC, likely close just after BDC. Record opening & closing degree numbers for both cylinders. Measure max valve lift as best you can, should be the same for both intakes and both exhausts, maybe 0.3" - 0.5" depending on the cams. Others here have actual numbers if you can find a dial gauge.
If the cam timing is at least close, spark timing is close, compression numbers are in the ballpark, it HAS to run on starting fluid. AFTER you hear it pop & run a bit, the then carb is the hold up. Get the jet/needle numbers from some else running that same carb, compare to your carbs jetting.