No, the motor isn't siezed. I can rotate the crankshaft w/ the kickstart - it just won't fire. I'm out of town for the weekend but I'm going to go over it real good when I get home. Hopefully it's dried out by then.
So here's the deal: I don't think I've helped myself out w/ this situation much haha.
Stupid move #1: Like a week ago when I was adjusting the timing, I ditched the gasket for the cover. The p.o. had siliconed it on and I couldn't get it to seat properly so I just ditched it figuring it will never see rain anyways and I'll just get a new one... oops.

Stupid move #2: I was trying so hard to get it to start so I could get to work that the battery is near dead now
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Will the kickstart still start it with no real charge in the battery?
You might want to check to make sure you installed your floats correctly.
What. Just because I installed the slides backwards doesn't mean I install
everything backwards. Lol - jk jk.
But anyways, that's where I'm at with it now. I really appreciate everyone's help. I'm pretty good with a wrench, but electrical
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forget it.
Oh and thanks for the link gnarlycharlie! I had no idea about the inner workings of the accel. pump like that. I'll do that when I get home too. The diaphragm is fine - clean and flexible, but I didn't know I could give it further attention.