K321a has me stumped
 

I removed the engine and gave it a cleaning with brake parts cleaner on the ouside. I also removed the cylinder head and removed the carbon build up. The valves are working, and the seats look good. The bore is standard, and there is no obvious scuffing or hot spots on the cylinder walls.

I also changed the points and condensor. I did the static timing technique, and the points are breaking perfectly when the "SP" mark is showing.

I have spark at the plug and the carb is supplying fuel/air.

The motor turns over, but will not start. I also noticed that the ground wire on the voltage regulator is getting very hot when I crank the engine.

Any ideas?

Do you have a good ground from the battery to the chassis and from the chassis to the engine?? My K301 tried grounding through the throttle cable a couple of weeks ago. Found out when I tried rotating the engine by hand. Gonna be a nice scare when it finishes healing.

Is the ground wire getting hot on the voltage regulator a symptom of a larger problem or am I just cranking it too long?