Thanks to a FFR forum member ( thread here ) I removed the ground to the coil and turned it over for kicks...it went "bang!" instead of "pffffft" like it did before, so I was close! Dad came by later this afternoon and we tried it again, so I'm making another note here...HUGE SUCCESS!
Here is the audio of the first start, {break in audio} then after we got the timing down, {break in audio} then after we attached the vacuum advance to the distributor and set the idle a bit lower:
I just had to record it when it revs up and yes, that's me yelling for joy in the background. :)
This weekend we will tune up the suspension, install the seat belts, roll bar and ready it for the first roll out of the garage!
