TOPIC:

One thing to add here, when looking for spark in either coil, make sure both HT (spark plug) wires are grounded. Let’s say you want to see if #1has spark, you need to ground #1 & #4 by removing both plugs and putting the plugs into the caps and ensuring they are firmly grounded to the head. Or just leave #4 plug installed and it’s HT wire connected. 

I adjusted the static timing and now have spark at all four plugs. I verified my 1/4 and 2/3 coils against the timing marks, so I feel good about them firing when they should. 
The carbs are certainly suspect, but I took them off, dropped the bowls and sprayed carb cleaner in every hole I could find. 
But now, even using starter fluid, it won't fire. 
I don't want to wash my cylinders with starter fluid. What's the next logical step?

Unfortunately there is no shortcut for carbs. The only way to clean them correctly is to ungang them. Break each carb down and throughly clean them. The best is a nice soak in Barrymans carb dip. You may have pushed a plug of varnish deeper into the carb body. Without a through clean it’s dealers choice why you bike won’t start. This is very obvious but are you using fresh new gas. What does the inside of the tank look like. What about an air filters condition. 

That being siad. An engine needs three things to run. Air, fuel and spark. You seem pretty certain the spark portion is good. Look to the other two items.

From the description of what is taking place I would check compression before going any deeper.  A compression check will tell you a lot of things, but without some compression nothing is going to happen.  You may not have ideal compression, but you must have some to make an engine go "bang".  This also relates back to proper valve adjustment as a mechanical reason for not starting.  If you don't have a compression tester and don't want to buy one you can rent/borrow one at some auto parts houses.  It's all a process of elimination especially with a situation like this.

Rick H.

I cleaned the positive and negative battery cables. Not bad, but couldn't hurt. 
I tried restarting by turning off the choke (opening the carb throats) and squirting some starter fluid in the air box, in the direction of the carbs. I was choking the engine and trying to get starter fluid in at the same time. 
And low, it did give me the indication it wanted to start. A couple of rumbles before it quit - including a bit of fire in the air box as the starter fluid burnt off. 
May try the tank back on with some fuel feeding the carbs to see if it will catch. 

Did a cold compression check:
1-4: 35, 85, 110, 85
Tried 1 again: 45
Put oil in 1: 80

so, at the least, my 1 cylinder is sketchy. 

Overall compression is low. But #1 is a concern. Not the end of the would yet as long as it just in the cylinder. They have a chance of gaining compression after its been running a while. If it’s a bent or stuck valve there is no magic for that. If you have a compressor you can make a poor boys leak down tester out of your compression tester hose. Put air into #1 and listen for air escaping. Listen at the exhaust and the oil filler cap, and carbs. Be careful when pressurizing the cylinder it may rotate to BDC fast. Add air slowly. 50/60 lbs of air should be enough.

I put the tank on & gave it a go. With the help of starter fluid, it sputtered a bit more, but I wouldn't say it started. Lots of smoke coming out of a hole in the #1 exhaust pipe.
I'm thinking my best bet is to get the head off and see what shape it's in, and check the cylinders as well.

This looks to be the start of a long rebuild process.

Thanks for your input.