massey fergusson 1655 engine trouble

Just bought my first ever MF. Has the onan 16hp twin. Something is definitely wrong, but not sure exactly what. It is cold natured as can be. Literally has to warm up 10 min before it will run above idle. Engine was completely rebuilt a few years back. Has 120lbs of compression in both cylinders. Checked with carb cleaner for intake leaks. Choke has no effect, so I assume its the points? Runs perfect once warm. Any help would be greatly appreciated.
 

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