Rookie mechanic: trouble shooting advice requested

Three wire box is the voltage regulator 5 wire is the ignition module.

Got it...thanks!

When checking for spark at the plug, it must be grounded. Also check for a wet carb. It should be dry unless you are pumping the throttle.

Ah...good point. When the plug is installed, it's grounded through the block, right? So if I was just holding it up by the boot (hoping to not get a shock through the wire!) it wouldn't be grounded...is that correct?

As for the carb being wet-- it might be. I can smell fuel (a sign of being flooded, hence my original thought) but this is to be expected in the case that the motor was cranking with no spark- and drying off the plugs should alleviate that, no?