I have checked a few things... still not alot of luck. What I have found is.

Carbon buildup on distrubuter cap, rotor. (scraped off and it doesn't miss ass much)

Wires off of the cold start valve (still unsure if it even works anything I can do to check it's operabilty?)

I have also retarded the ignition timeing a few degress... have found that almost removed all of the knock.. but it runs @ 500 rpm and it's a little rough, unresponsive. I also adavanced the timing a few degrees.. It runs great but the knock definitly gets louder. So I think the knock is probably due to mixture and timing. I just don't know how to set it correctly.

I need to know how to check the cold start valve. I am not sure how to check the warmup regulator (I actually couldn't find it..)

If you have any kind of troublshooting tips that would be great. I am looking foward to getting this old girl running good again!