First time mods on my 318 and it won't start...

The fact that the engine fires off shows the timing is not waaay off.

I think this is pretty simple: you don't have a working choke. The engine is firing off from the fuel that is put in when you pump the throttle prior to firing, but it does not have enough fuel to continue running without a working choke to enrich the mixture when cold.

Try the following simple test: Pump the throttle to the floor 2x and then crank; as soon as it fires, try pumping the accelerator about 1/4 to the floor every 1 second or so; that will pump added gas into the carb via the accelerator pump (which is what you saw squirting gas in to the carb throat), and simulate the choke action in that way. If the lack of choke is the problem, then this will probably, keep it running 'til it warms up; if you get your technique right.

(If all you have ever driven is modern fuel injected cars, then the FI system does this injection of extra fuel for you without a choke, and since there is no accelerator pump in an FI system, this light pumping does not work anyway.)