Not a flathead expert but I think you have enough compression that it should start, at least sputter and pop. You mentioned new rings on a honed cylinder, the engine hasn't even fired yet so the rings haven't seated yet as proven by the fact you added oil to the cylinders and the compression improved. Valves would not show improvement by adding oil. This might sound dumb but are the plugs gas fouled to where they won't fire? you stated you have spark to the end of the wire but the plug inside the cylinder might not actually be firing when wet. Also, Pertronix modules need a full 12 volts to work correctly. I have seen the power wire to the pertronix hooked up AFTER the ballast resistor and not fire at the correct time due to the low voltage. It needs a full 12 volts to fire when triggered.