To those of you who read my previous post and thought it could be any number of things wrong...here it is. After messing around with the engine and extensive troubleshooting I took of the ignition cap. I had the multimeter handy and measured the resistance across the coil plug and the spring button inside. It read 15 ohms. I grabbed an old cap in the toolbox and measured it-5 ohms. I slapped in on and engine fired right up. Needless to say I ordered new cap, rotor and wires. It took me a little over 10 hours to swap engines and four (*^&^(?*#? hours to figure out what was wrong. The used engine runs great and overall I'm very happy.

The engine smoked for 5 minutes or so and clear right up. The extensive cranking on a cold engine most likely send some oil into the exhaust lest I forget all the cleaner and solvents I used to making the engine shine.