AFTER you have determined the petcock is no longer a problem, check for gas in the crank case and change the oil even if you don't smell it, just to be sure. The gas is thinning out the oil and can lead to bearing damage as well as clutch slippage. Fuel in the exhaust sounds like a bad thing too, since the combustion mixture tends to leave the head still on fire

New plugs cost about $8 and are worthwhile investment. See if you can borrow an inductive timing light somewhere and make sure you're sparking at/near the right time. Take the spark indicators off to prevent losing juice to the plugs.
Your compression numbers are fine - but is there any air coming in at idle? Are you cracking the throttle when you try to start? What about applying the choke? +1 did you DIP the carbs for 24 hours each and put new o-rings in? Did you bench sync the carbs when you were done? Check your new plugs for wetness from fuel. They should be a little wet (and uniformly so) if it's not burning what's coming in.


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