These things will start up after 10 years of sitting in a junk yard. You just need to go through a check list of things.
#1 - Disconnect the fuel hose from the carb and have someone turn the key and crank the motor. If you have a healthy shot of fuel spit out, then you have gas.
#2 - Check for spark by unplugging a plug wire and laying it next to the inner fender. Have someone crank the engine and see if it sparks real quick. If it does then you are closer to figuring out the problem.
#3 - Have the key in the "On" position and check the voltage at the coil and at the ballast resistor. Have the red lead from the voltmeter going to what you're testing and just stretch the black lead to the batteries negative terminal for best ground. You want 12v a the coil.
#4 - Timing. Rotate the engine by turning the fan so your timing mark lines up with the 0 (TDC) on your timing tab. Remove the dist cap and look at the rotor. Is it pointing toward the front of the car or back at the firewall? If it's pointing back at the firewall then rotate the engine again until the marks line up. This time it should be pointing toward the front. If it's pointing at the 3 o'clock position, then make sure your #1 spark plug wire is plugged into the cap right at that 3 o'clock spot. That should make it close enough to start. If it pops and backfires out the carb. Then line up the marks again, this time with the rotor facing toward the firewall. Then pick the dist up and turn it 180* so it's pointing toward the front of the car and in the 3 o'clock position or wherever it was before. Now you're on the compression stroke and it should start.
Usually when the ballast resistor goes out, you can start the car as long as the key is held in the start position. As soon as you let it go, the car will die.
As far as a valve adjustment, if it worked fine before and they weren't messed with, they should at least be in the ballpark to not cause any problems.
