I've checked for spark and it seems to be sufficient. When I had the distributor out, I was having problems re-inserting it, so I cranked the engine over by hand to TDC. While I was doing this, I could hear either vacuum or compression escaping. It was coming from the bottom end and was easier to hear with the dist. out. I tested the compression today and the worst cylinder read 125psi... so all is good with the rings at least.
The carb rebuild kit I bought did not have a little ruler with it to measure the the float, so I just left it alone. I'm thinking that not enough fuel is being allowed to enter the float bowl. That's a possibility. But to your point about starting fluid, it won't even fire off with a good healthy blast. So it still could be the ignition. I'll keep pluging away at it. The ignition is pretty straight forward, but this was my first time rebuilding an Aisan carb. (only done quadrajets in the past) It's possible I missed something with the carb.
Thanks for your help,
Joe