Reply to Arthropod:
It is a very simple engine. You need spark, gas and air and everthing in time. when all is correct, it starts with one or two pulls. My ponies do seem to flood easy. If you think it is flooded, open both petcocks to drain the gas and open the choke all the way when cranking.
If it ran, then it must be in time. Don't remove the mag unless you really have to and you won't have to bother with timing. You could check it though. In the simplest terms, with #1 cylinder at TDC (Left hand cylinder as you sit in the seat), the rotor should point towards the plug wire. You can remove the plug and tell by spinning the pony by hand #1 is at top dead center. I use a welding rod (or something) to 'feel' the top of the cylinder.
Good spark is a nice blue spark that will jump 3/16" or so from the plug wire to the block. I would just take out the spark plug and see if it is firing good when you turn the motor over touching the plug to the head.
I had a pony that would start cold, but not start hot. It was a bad coil in the magneto.
The jet (and passage) in the bottom of the carb bowl gets clogged. A sure sign that is clogged will be having to choke the motor to keep it running.
Due to a lot of rust in my fuel tank (even after cleaning) I removed the fitting in the bottom and soldered a small piece of copper tube to the fitting so that the sediment on the bottom wouldn't clog the fuel line. I also soldered on a brass screen. That took care of the fuel issue.
Check your float height. That is very important. Something like 1-1/8" with carb top inverted from bottom of float to edge of carb bowl. I have a carb kit at home with the measurement, but someone here will have it.
With a history of rust in the tank, and knowing how old they all are, you need to clean all the lines from tank to carburetor float needle valve with a wire and compressed air. Only way to know that you don't need to do this is to remove the drain plug in the bottom of the float bowl and see how much gasoline you get after the initial gush of what was already in the bowl. Sometimes they will run OK, but not quite get enough fuel to pull the load of the diesel under compression.
Also one thing to do is change the oil in the pony motor. It holds a quart and frequently will be diluted with gasoline from the carburetor bowl when someone forgot to shut off the gasoline valve from the tank (or it leaks a little) Anyway, good oil can be the difference in running or not, and you sure don't want to run it with any dilution because these things frequently throw a connecting rod occasionally. Sometimes when they do, you find that the cotter pins in the castellated rod nuts are missing and a nut has simply loosened, or the bearings may just be worn out (see warning about oil dilution above).
What gap did you use on your points when you worked on them? Spec for the Eiseman mag is 0.014-0.018". Plug gap should be 0.025" (might want to be a little closer if you think your mag is weak). No resister core wires, metal conductor wire only ( but I have had one with resister wires that ran fine).
Timing check, turn the flywheel around to the MAG line and the points should be barely opened and the rotor button pointing to one of the wire towers on the mag cap. Most of them will throw a 3/16" spark when you check it, so if it'll do that, start looking elesewhere for your problems.
On the carburetor clogging, I have usually been able to run one with the choke on enough to crank the main engine even with it clogged IF there was enough fuel getting into the carburetor bowl. One thing to remember is that both the idle and the high speed mixture adjustment needles on these engines are screwed IN to richen the mixture and OUT to lean it. NOT like you normal small engine. Initial mixture adjustments are high speed open 1 turn from all the way in, idle-open 1/2 turn from all way snugged in.
good luck!
D2-5J's, D6-9U's, D318 and D333 power units, 12E-99E grader, 922B & 944A wheel loaders, D330C generator set, DW20 water tanker and a bunch of Jersey cows to take care of in my spare time😄