Compression test on non-running elite

[Bear45-70]

A wet plug means one of two things; way to much fuel or no spark (well to very weak a spark will do it too).

[axo]

May i suggest some more ideas..
A pond of oil in the crankcase
Giving to much throttle trying to start up.. (let the automatic choke do its work)
A small hole in the carb floater filling it with gas.
Weak spark, check if it is too white and poor in the dark.
Remove the stator magnet and check to see if it is in the right place (could be a broken half moon)