Thanks for the advice Calj, I took that into account and here's my current situation;
I have the valve clearance set, the carbs adjusted for the initial start up, the timing and points set and I get spark on the plugs. As per something I read from Hondaman I kicked the engine over 30-40 times, applied the starter button in 3 second increments and then kicked it over another 30-40 times with the ignition in the stop position, in order to get some oil flowing. Towards the second set of kicking the engine the oil light went off which should indicate that I had oil pressure. I then turned the kill switch to run and tried to fire her up, here's what happened...
Nothing happened when I hit the electric start button. No sound, no cranking or turning of the engine. The only thing that happened was the head light would go out as I held the start button down. I then tried to kickstart it with out any luck. It made slight chugging sound as I kicked but not like it was trying to start, just seemed like the sound produced from the force of me kicking it. Bummer.
Not having any experience trying to start a newly rebuilt engine before I left it alone and came back to it the next day. Tinkered with the carbs a little bit, checked the points, and then tried to start her up again....
This time I had the same reaction as the day before when I tried to use the electric start button(nothing except for my light going out as the button was pressed) so I tried to kick it again. This time my kickstarter would not return after I kicked it. It would go all the way down as I kicked it and stay there and I would have to reach down and bring it back up to its upright position. There was the normal resistance and I could feel the engine turning over as it should but the kickstarter just doesn't want to return. Very worrisome. After having no luck this second time around I opened up the points to see if they needed further adjusting. As I rotated the crankshaft manually the kickstarter would go down also. Very very worrisome.
My first assumption is that the kickstarter return spring has broken.

Which shouldn't really impede the engines ability to turn over but if it broke then there will be metal pieces floating in the cases then. Right?
Has anyone else had a similar situation as this? Or any idea if there's another way to determine whether the kickstarter spring has let me down?