Update from last night...mostly good. There were pops...several sustained pops for maybe 5 seconds...so that is the good news. I am now 100% confident this thing is gonna run...followed by semi-huge smile and very huge sigh of relief. The ignition system seems to work perfectly, there is good compression, and if anything my earlier concerns as to the ability of the carb to suck fuel up from the gas tank through the dip tube and deliver it with air to the cylinder were totally unfounded. If anything it does that too well, and what few short bursts there were had the needle valve open only a half turn or so. More will need to be done on that and finding just the right starting and run settings, and its still too soon to tell how well the carb will throttle the engine but all the basics are there....spark, fuel, compression, etc.
The only real downside was that I had loctited the crankshaft gear onto the crankshaft hoping this would hold it steady until the valve timing was "proven," but this was not the case. While it didn't actually break loose, it did rotate some, enough to mess up the valve timing, which resulted in some slight interference also between the connecting rod and one of the cam lobes. This will be taken care of today by pinning the gear to the shaft as was the intent all along, and polishing up the con rod a bit. Due to several late changes in the con rod for clearance purposes (aside from the above problem), I will in all probability remake it though the present one is fully functional and tests will continue with it.
The enginie is now in parts again pending these changes, with reassembly tonight and with hopes of a more sustained run.