Fumblin, I'm going to assume you have spark between the points.
I went through the same thing, 3 different times, when I put the new 216 in my 46. It had been sitting in storage for about 3 years.
I never did determine what the cause was for sure, but I played around with the cap, plugs, roter, coil, and all of the various wires with no success. I eventually filed the surface of the points real lightly, and it popped right off.
It's been starting and running fine all summer since.
By the way, I had spark at the points prior to this, but not as large as I thought it should be. About knocked my father-in-law on his butt, after I filed them.
