"Take the sparkplugs out...with ignition off...spin the engine over with a electric starter. Notice if the reed vales are working. Even with the sparkplugs out there should be some crankase compression. This with the reed valves working and sealing correctly ...this pumps the air fuel mix to the cylinders. Have somebody vary the throttle setting (and choke opening) while you crank it over. Tell us what you notice. Capt,n "

Thank you all for your replies; I have some further questions, because I am getting ready to start flipping:
1. How do I notice if the Reed Valves are working? What can be an indicator to the contrary?
2. I have checked the metering pump in the carburetor, and it is working freely. As a matter of fact I believe it's pumpung too much. The diaphragm is properly engaged to the fork, and it's full of gas.
3. I know I am flooding the engine, but not because I want to flood it, I just want to start it and it floods. My needles are set at 1 1/4 Low, and 1 1/2 High.
4. When Iremove the spark plugs, they are totally dry, not a spec of gas, and the cylinders seem dry too. I was wondering if the fire coming from the carb could be just electric spark reaching the gas acumulated inside the carb, but I guess the engine shouldnt be conductive. I know if it fired up, then some combustion must be happening at the Spark Plug levels, but it might be that too much gas is getting to the carb but not enough to the cylinders?

Again, comments will be greatly appreciated!