Good points, thanks! This was the second go around on the cam due to improper cam timing so I was careful to have it on the T 1-4 mark with the notch flush to the surface so I feel pretty good about the cam timing. It has dyna coils and ignition, so it's possible that the ignition wires are flipped but I was pretty careful with that first time around. I'll verify tonight.
Good point on the static timing, forgot about it this time, will do that tonight. In the past it was always close enough to get an idle and adjust with the gun.
Carbs are very clean, completely disassembled, cleaned (twice). Feel very good about the clean carbs with functional jets. I'm not introducing more fuel anywhere, and even if I was I don't know why it would care about the position of the key. Maybe that's just coincidence but the timing was exactly when the key was turned and replicated three times.
I think the fuel has to be passing through unburned, due to the attempts to start it probably had some flooding which would pass the gas through. The whole engine is still cold though, I don't know how it could be hot enough to backfire.
ANDY W - that is exactly correct.