Finally got round to starting the Flash after all these years. Very very difficult process but eventually, it 'took off' and ran for a couple of minutes on the stand. Obviously running hot as pipes started to blue, even for this short run so I stopped. Suspected weak mixture (possibly blocked pilot jet) as any attempt to run without full-choke or slightly opening the throttle, resulted in engine stalling.
Took carb off again and stripped it right down and cleaned it up but found nothing obvious. Could not resist gently pushing some 5 amp fuse wire down the pilot jet (is this really such a dreadful crime, as seems to be indicted in the Haynes manual?). Reassembled and refitted carb with pilot screw 1.5 turns open and stop screw just lifting the slide off the bottom but it just will not start at all now.
Carb flange seems sealed. Timing is spot on at 3/8 BTDC fully advanced (used a 12v timing light to detect points opening, having removed the centre bolt from the contact breaker). Spark showing at plugs (not exactly Blackpool illuminations but not bad). On removal, thought plugs seemed quite dry to mildly damp, especially considering the amount of carb tickling done.
Took compression tests and got 135 psi both sides (rising to 170 when some oil was squirted in the bores to seal the rings). Given the years of standing this does not seem too bad. Does anyone know what the readings should be with 8. somethingish pistons?
Eventually retired from the fray exhausted and temporarily defeated. So now, having trawled the site, its out to the forum to see if any of you gurus can suggest a way forward as I seem to have come to a dead end.