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I would lean towards no or improperly timed spark. Reason being that it won't try even sputtering on the ether bunny (or "summer aire" as we call it. Also heard it called "turbo-in-a-can"). If there is a spark, and it's even close to being correctly timed, it should "try" to start at least briefly, assuming the ether doesn't actually explode and ruinate something.
SO, what the bone is that I'm going to throw is this, and YES I have seen this:
The rotor bracket (the part the rotor screws to) can crack and change the direction the rotor is pointing. Remove the cap again and see if the rotor is staying in a fixed position or if you can rotate it, it should stay in a fixed position (rotates only with the camshaft). i had one like this, very frustrating, somethimes it would catch onto the rest of the rotor bracket and run, other times it would be turning too far out of time for the ignition system to work properly.
Gilly
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