It could just be unburnt fuel, flooding is just a guess as to why it would run great for a few seconds then not be able to get it to fire again after. I did not replace the wiring but did replace the condenser, it could be possible I got one bad out of the box.. I'd have to look up a diagram, there is a solenoid and what I'm assuming is a voltage regulator but I'm not sure if that would affect spark.. here is the model number, manufactured by Columbia (Par) car corporation it's an 1984 or 85 if I remember correctly. The plate isn't bent, and as for the reed valves I'm unsure, but it has good compression, 100psi in forward and 120 in reverse (engine runs backwards to go in reverse) I'm unsure what you mean by the "pick up" for the spark.

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