I think that motor had pretty low compression out of the box ..90's if I remember right. I would be looking at the choke(enrichener) and fuel system. Make sure the shrader valve .. red pointer is right. Can mix up some pre mix in a spray bottle and see if that fires her off. Do not use starting fluid.
Carbs may need to be pulled and cleaned. What are your current compression numbers? If you get her fired off I like berryman's b-12 sold at walmart one can of this run through a 6 gallon tank will most often clean the carb(s).
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