Motorcycle Repair: 1976 XL350, point gap, xl 350

Question
I am working on an 1976 XL 350 that has restored from the ground up.
After completing the resto the bike would start first kick with no choke.  
Power was good and the bike ran strong through out the rev. range.

Recently after returning from a ride the bike started sputtering and died.  
Subsequently the bike will now not start.  I checked the plug and it had fluffy
black deposits on it.  I cleaned the plug checked that the gap was correct,
checked that the point gap was correct and there was no pitting on the
points.

Tried to restart the bike and it fired but shortly sputtered and died.  Checked
the plug again and it was wet with fuel.  Have checked for spark and seems to
have good spark across the plug when not installed although I know it may
not have enough juice to jump the gap under compression.  I am leaning
towards a condenser problem and/ or a coil issue.  Any tests I can perform to
check either item??  Any other thoughts would be appreciated also.  

Answer
Matthew, the bike should not start cold without the choke.  That indicates to me the bike is running too rich.  When the engine warms up it will run too rich and foul the plugs as you described.  You need to lower the float level a little bit.

Regards
Rich