Nah, I went out and tried it again 3.5 hours later, and it's still a really hard starting engine.
So we're getting closer to the possibility that the impossible happened, that the cam and crank are off by a tooth. As much as I paid attention to that, all of the symptoms sure seem to point to it.
I have the K321 sitting on the bench waiting for takedown / rebuild. I think I'll open it up and try putting it off by a tooth on purpose, and then see if it's possible to get the points to open on the "S." That'd answer the question I posed in this thread...
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