Cobbled together a connection for the spark plug lead to spark plug for now and tried starting with a splash of fuel down the carby. Got a few good backfires and a glowing something out the exhaust, but not a lot of intention of running. Not quite sure where to start since there's no compression to be felt when pulling the starter cord, but can hear the engine breathing so not sure yet if it has a decompressor setup of some description.

Part of me wonders about pulling the head off just to make sure there's not a burnt valve or hole in the piston or something and if everything looks OK inside, looking at ignition/timing issues. Need to do some more research on this era honda to find out if the timing is adjustable etc.