now the rings are washed , squirt some oil down each spark plug hole flooded hold it at WIDE OPEN THROTTLE don't forget cam break in
It's sounds like timing is off or a plug wire is not on the correct cylinder. When I get a problem like yours I start with this, usually finds the problem - Get the firing order, rotor spin direction and #1 cylinder from the book, not Internet, friend, etc... Using your thumb on #1 get the piston to TDC - verify the timing pointer is correct by looking at it now while it's at TDC. If it's not pointing to TDC you have a timing chain, sprocket, etc problem. If it is pointing at TDC pop the dist cap and verify the rotor is at or very near the plug wire that goes to #1 cylinder. Make sure you know which way the rotor should spin, some go CCW not CW. Follow the firing order and direction and make sure the plug wires are correct on the cap If that stuff checks out you need to take a closer look at the dist. When you dropped it in did you get it one tooth off? What about dwell? How did you set it? I don't think orange is good enough.
If the engine was painted when rebuilt, you might scrape the paint where the ground cable from the battery is attached to the block. I have diagnosed several situations which sound like yours simply by running a jumper cable from the battery ground post to a scraped head bolt! Jon.
Wow still not running ! with that compression it should start & run but it is low for a 430mel. Just reread your list of thing you have done and there's two things that you might try, 1st make sure you have a full 12V hot start wire going to the + side of the coil. If you do not have one run a jumper wire from the main starter cable to the coil. 2nd check the points and make sure the contact arm spring has good return tension and you have not burned the contacts and also widen the point gap to .020. If it starts use a dwell meter to check the true running point gap through the full rpm range and readjust them if needed. Erickson / Extreme Kustoms