Motorcycle Repair: 78 shovelhead

Question
i was hoping that you would be able to help me out i have a 78 shovel that i can't get started or even fire i have 105 and 120 compression 11% and 8% leak down i have a mallory ignition which shows plenty of spark the mallory people state that if it fires the module is good new coil spark plugs and wire ground the spark plug and can see spark put my hand over the carb and it gets sucked in and then released as i turn the engine over can look down the throat of the carb and see that i'm getting a good squirt of fuel bring no 1 up to top dead center and the opening in the shutter wheel where it fires across is right there it turns over easily so it seems that i'm pretty close in my timing but i can't even get it to try to start the fuel is 91 without ethanol i think that i have a fuel problem as it won't even fire at all but who knows i've been fighting this problem for a long time and keep checking out the same thing without results would you have any new direction or old direction for me to try mechanically and electric seem to be solid but could it be a fuel problem? thanks for any help

Answer
there are 5 things you need for a motor to run.
1..... fuel
2..... timed iginition
3....  compression.
4....  intake.
5....  exhaust....

 so you got compression.   you got fuel. you got intake, you got exhaust. so I would think your ignition timing is off because you said you got spark. is this a cone motor?  it should be. I would get rid of the Mallory ign and install a Comp -u- fire ign in the cone. you can static time it as it has a build in lite. very easy to do. hope this helps.
         Johnny   562-666-6062 if you wild like to talk.