So I've been trying for the past couple of days to get my engine to fire with no luck. The starter isn't engaging so I decided to just kick it over. That hasn't worked either...
Things I've done so far:
Changed oil
Ran new wires (just the minimum needed to run, will be making a new wiring harness for the final build)
Rebuilt carbs
Cleaned spark plugs
... I also have the points cover off and can see it sparking...
I'm no expert, but here are some of my thoughts:
You have the points cover off and "can see it sparking"?? That doesn't sound good. Hey smart electrical guys... should you see sparking under the points cover? Some sort of short?
Also: You "cleaned the plugs..." If it was me, I would spend a few bucks for some brand new plugs, just to be sure you aren't working with freshly cleaned, bad plugs.
Your carbs looked like total dung to start with. I have had carbs that to the eye looked clean as a whistle, but needed one more cleaning before they would give it up... carbs are freakin' finicky.
You said there was a possibility that there had been standing water in the engine. If I came across a bike as described, I wouldn't expect it to start until I opened up that engine and surveyed the innards for necessary rehab.
Just some thoughts. I could be full of crap.