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

OK, well it sounds like the engine is basically running, but that the lack of a choke and maybe some other carb issues are preventing it from getting a consistent fuel-air mixture. This seems to rule out the ballast or the timing being way off. The symptoms could also point to a bad gasket seal in the intake somewhere, or a bad vacuum hose. Do you have a vacuum gauge?

Not having the ignition timing re-adjusted may also be a problem; you may be close but not really where it should be for a cold idle. You can set the timing close without a timing light....

No you don't have to RTV that gasket. I suspect most people generally don't.

Find out how to check the float level on the carb, and the next time it is on, after you have had it run for a bit check the float levels.