Guys:
Thanks to all for the help. I put in the new plugs and again in the air, great spark. Ran it for 30 secs, and it seems only 2 and 3 are running -- that is, they were hot, 1 and 4 were not. So I got out the alligator clip wires, and swapped the coils around as described above -- same deal -- 2 and 3 running, 1 and 4 were not.
I'll tell you now, that this here bike is one of the elusive 650s with CDI ignition. I swapped around the "spark units" and same thing. That's when I saw a potential problem. The 4 wires that go to the pulsers (i.e. electronic points) had been cut at some point and spliced using automotive blade connectors -- and they aren soldered, just crimped. It looks like the PO might have had a short or
who knows?
After fooling around with the wires a bit I started it once more and this time I got intermittent sputtering from #4 exhaust. That is, it popped once in a while, but the pipe was still cold.
I definately don't like the looks of the splice job -- I'll try to pick up some wire, heatshrink, and a 4 pin molex connector and put it back together right.
I had an intermittent issue like this years ago with a CDI ignition -- that's the only problem with them. They work awesome until you get a partial short or a bad ground or whatever -- then it's an expensive part swap game to find out what's wrong.
Oh, and for those of you that asked compression questions, etc. This is a fresh rebuild and I've done everything by the book to this point. Compression is good, new rings, valve job, valves adjusted, torque wrench, bench sync, you name it, I've done it.
I do know now that the coils are good. I checked the pulsers(points) per the manual and they both checked out. So it's got to be one of four things:
bad wiring
bad spark unit
plug wire issue (doubtful, they are new OEM wires, and I checked the boots tonight)
carbies?
Zeke