Thanks for all of the comments and suggestions.
Let me share some background information. I am a high school shop teacher. I teach Agricultural mechanics, where we normally work on tractors and other pieces of farm machinery. I also teach welding, carpentry, masonry, electrical, etc. So my class is really a "jack of all trades" class. My kids (read students) enjoy doing these type projects. I found this truck, bought it and pulled it it.
While I am not a certified auto mechanic, and tend to lean a bit on my dad for suggestions and pointers, I have done many old tractors.
We also have an automotive technolgy class at our school, whose teacher restores antique cars. We do have a compression guage but have not put it on the truck as of yet. While turning the engine over we did the old shade tree mechanics trick, of thumb over the spark plug hole. It is impossible to hold your thumb on any of them.
The points throw a nice blue spark, so does the new plugs and plug wires.
The carbuerator has not been rebuilt, but it has been taken completely apart, cleaned in a parts washer and reassembled. All jets and ports blown out etc.
New fuel filter.
When the fuel line is disconnected and the motor is turned it will pulse streams of fuel 4-5 inches beyond the end of the line.
I did manage to get it to fire with starter fluid and run for a few seconds.
I am going to take the carb back off and check it again. Maybe I missed something. While at it I may check the actual numeric compresson on the engine.
Update tomorrow.