It may start and run after a fashion, so fuel and sparks must be there. Whether enough and in the right place remains the enigma. I'd suspect the timing gears, make sure they are the right ones, set up by the book. Then retime the magneto and with good compression and good sparks if it still won't play the problem lies with the fuel system. Sheared keys on crank and cam are rare but not unknown. Longstroke timing gears are identical in form, ( but note Longstroke has breather peg opposite keyway, offset on later engines) but timing marks are different.
Swarfy.