My mate had a similar problem with his P2 after i rebuilt it,good spark but plug getting wet but wouldnt fire for love nor money.The timing had been retarded to the IT mark as told by the tuner but it wouldnt have it.
Went to it a week later on my PX,put his timing back to the more advanced 'A' mark and stuck my hot plug from my P2 in his engine and it fired straight up! we let it warm up for a while to bed the rings in a bit then put his timing back to the original setting.Been fine since.
rebuild, not starting, ideas?
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been over and re done the timing from scratch, still not even a rumble although its exactly 20 degrees btdc. the spark is lovely though so the flywheel will be going back to beedspeed and another is to be sourced in the hope of some life. 
