There's a lot of gas fumes
"
The fumes and "chugging" make me think "excessive fuel". The ignition is probably OK, because if it's totally NG, the fuel system won't operate.

But I suspect that, by now your plugs are soaked and too wet to fire. I suggest you remove them and see. Clean them if possible, or put new ones in and try again, briefly to see if symptoms improve noticeably.

If your battery is up to the task, you can clear out the cylinders by first pulling the 25 amp blade fuse near the coil, then cranking it (with plugs out) for a few seconds.

Excessive fuel is most often due to a faulty ECT sensor (or wire), making the FI system act like it's about -40° and injecting too much fuel. Testing the ETC requires a DVM to measure the sensor's resistance and to verify the wire from sensor to ECU. If this is something you can do, post back for more info.
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Bruce Young
'93 940-NA (current) — 240s (one V8) — 140s — 122s — since '63.