Well, I swapped out the IP with another used one, and what do you know, it actually runs! Smoking white smoke, not too much (when idling the air is clear about 3 feet from the exhaust), but enough to let it clear before I open the door to the house. It seems like it has a problem sucking enough fuel. though - it won't really rev until I squeeze the primer bulb, and then it's a rough revving. I'm going to get the pump timed tommorrow. Then it's on to fixing the electrical stuff - light bulbs, etc.
Oh, almost forgot - it's leaking oil out of where the dipstic enter the block. Any ideas?