Since you mentioned troubleshooting flowcharts:
For the last 100 years or so, the troubleshooting flowchart to diagnose engine issues is: (A) Compression, (B) Ignition, (C) Carburetion.
Why?
Because if the compression is bad, regardless of how many new expensive parts you throw at the ignition, or what brand of shiny new carburetor is acquired, IT WON'T HELP!
Then, once the compression is not suspect, a defective ignition will negate any amount of time and or money you throw at a shiny new carburetor.
You did a compression test, and while not great, it should run start and run OK.
So, item B - ignition
The complete ignition system should be tuned TO FACTORY SPECIFICATIONS. Begin with setting the dwell (if you have an electronic distributor, it adds another level of discontinuity). The electronic distributor either works or it doesn't, and without some good test tools, and know how to use them, IMPOSSIBLE to know. And remember Jerry's comment about new electronic distributors being about as reliable as a politician's promise. Go back to basics, get it running, then if you want electronics, so be it. Put a points and condenser distributor in, and set the dwell. Now its time to set the timing. You need to verify top dead center on a used engine (see brokenhead's comment above). You can have as many different positions of the rotor as there are teeth on the distributor! Once you have both dwell (first, always) and timing to spec, need to check the voltage at the plugs. I like to use an oscilloscope, but a lot of folks will just ground a plug to the block.
Once the ignition is very close to perfect, item C - carburetion
I know lots of folks like new shiny carburetors, but ARE THEY CALIBRATED FOR THE APPLICATION? Much better to start with a known original. Go back to basics, get it running, then if you like new and shiny, so be it.
As others have said: if you have compression, and you have good spark, and you have the correct fuel mixture, AND IT ALL ARRIVES AT THE CORRECT TIME, the engine will start and run!
Jon.
