Mick - Is it possible you have the points wires swapped between 1/4 and 2/3? This basically swaps your coils to fire on the wrong signal. Stock, BLUE should be on the left coil running 1/4, YELLOW on the right coil, running 2/3. The "backfire" is an indication of fuel present, but a bad spark.
Turn off the petcock for the time being, check your coils, verify your timing (statically) and try again to fire the bike. There's ample fuel in the bowls for it to fire, but not run for long.