Assessing pony that doesn't run

Looks like you have thought it through

I like to check the appearance of the coolant, smell for gas in the pony oil, if the gas was left of the gas tank will drain into the ponys oil.

With the decompression cocks open you should be able to roll it over by hand to get a feel for things. Its not uncommon to have mag problems and people just give up on them because they don't understand them, I personally send them to a mag shop and then my mag problem goes away. (I am one of the ones that don't understand them)

If the pony bearings are bad,(excess crankshaft play) don't try to run it unless you want to throw a rod. If the pony checks out, change the oil before trying to starting. You might want to put a small amount of oil in the cylinders to help the rings seal, then change the spark plugs after blowing the excess oil out of the compression cocks. Check the oil in the pinion clutch/brake since it hasn't been used. Mag points get oxidized and loose conductivity, so have a point file handy to clean them up.

Assessing is good, making spark is better. But don't even bother trying to start until carb is cleaned,repaired,and reinstalled. Plus you can try and get spark while you wait for all the carb parts

maybe covert it to electric direct start

All great points of advice, thank you!
If anything else comes to mind, please let me know.

Just one question on the carb, what parts do you suggest,
Purchasing a rebuild kit? Anything else?

Thanks!!

Its hard to beat a carb kit, fresh gaskets are a big help, a can of carb cleaner, and a air compressor will be handy also.

Everything about these carbs I learned from reading old posts on here, I had two and both long jets that run through the center snapped off, I was able to get that and other items from mcdonaldcarb,despite what I said earlier I recently got a 4 cylinder continental running after many years without cleaning the carb. It still had the orange gas from way back when in it

I would only remove the carb as a last resort. This would be the most difficult job on the list and might delay your plans for years. Make sure the tank and lines are clean. Do not run dirty gas into it, consider a clean remote tank if there is any question. You can take the top off the carb in place and see what condition it is in and clean inside with carb cleaner and compressed air.