Have you read the instructions for the ignition? Here is an excerpt. Are you sure the engine is drawing fuel? My 80 was a PITA to get primed. I think my choke butterfly had a hole in it and soldered it shut to help draw fuel when I was choking it. If the ignition in on for a short while without flipping the prop, it will need to be turned off then back on to reset the system as well. Sounds like the ignition is working fine, just no fuel to the carb. You may have to shoot some fuel in the carb to get it going, and probably blow in through the fill or vent line to get fuel to the carb.

Cable information
Sensor cable multi coloured (4 wires) to sensor
Red / black long with socket to battery
Red / black short with plug connection for red LED, long contact -
Yellow / white with plug connection for 3W tachometer and other options

Info about red LED
a) Ignition battery switched on: LED on
b) Propeller 2 turns (flip): LED off - ignition in standby
c) Propeller not being turned (flipped), after a few seconds: LED on, ignition in standby
This safety function has two reasons:
- The engine cannot be started by coincidence if somebody forgot to switch off the ignition
- Battery will be protected against incidental discharge
d) In case the LED will not get off when propeller is turned (flipped): hall sensor is not connected or other defect