Hotrod Lincoln, great info. I'll be going over the point gap and timing when I can get back on it this weekend.
I did squirt a shot of oil into each cylinder then let it sit overnight. Then leaving the plugs out I spun it quite a bit. All the valves open/shut, none are stuck and the rods appear straight. My "finger" over the plug hole comression test indicates I have pretty good compression on every cylinder except #5. It didn't feel as strong as the others. The #5 valve train appear to function just as the others but it could have a burnt valve and/or ring problems. I still think it shoul dstill start even w/i dead cylinder tho...
I poured an extreme amount of gas down the carb and pulled the plugs at intervals to check to see if I had fouled them. Surprisingly they weren't gas nor oil fouled.
She burps and will speed up when cranking but just not start.

don stocker, thanks for the reply. as you can see by reply above, I have pulled the valve cover and all seems OK to my naked eye (yikes, I said naked grin )

BLUEMEANIE,good info, thanks. I do need to make time and read that shop manual more. I have been studying the owners manual but it doesn't go into detail like the shop manual.

truckernix, I'm gong to verify if the fuel pump is working when I get back on it this weekend. At this point if I can just get it to run for a sec or two I'd be more motivated to invest more $$$ into this engine.

Life and work has been getting in the way of my wrenching on this truck so I haven't been able to p0lay w/it any in the last couple days. The new battery isn't holding a charge and never reaches 100% charged so I'm taking it back tomorrow and exchange ot for a better on. I've got a hydrometer and my 6v charger both indicates that it never charges past 75% and thats w/it on the charger for atleast 8 hrs straight.
I used to have an old 48 Fergusen TE20 tractor that was also 6v (positive grd) and I know my charger and hydrometer are good and that the engine doesn't have to spin real fast inorder to start, but everythings gotta be right.

Thanks for the input and replys
Dave