Since you say you have battery ignition on both, I would think it would not be Moisture inside the Caps.. On a Mag, I have had that problem countless times..
NEW Sparkplugs would be one of my 1st moves (Autolite#3116)..
Mud-Dauber nests plugging the upper air inlet stack can cause them to SMOKE BAD under a load..!! I use a cut off garden hose up through the air cleaner (Water ON)..(oil cup off)..to clean them out..shove it all the way to the TOP..
Moisture on the plug wires or plugs can be a problem, too.
I would not worry about getting a good Compression test, until you get it running, so the cylinder walls are properly lubricated.
Have you CLEANED the ignition Points..??
Not likely both have had Condensers fail...
I have a Condenser tester that I use that is mighty nice to have...
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Today's Featured Article - Oil Bath Air Filters - by Chris Pratt. Some of us grew up thinking that an air filter was a paper thing that allowed air to pass while trapping dirt particles of a particles of a certain size. What a surprise to open up your first old tractor's air filter case and find a can that appears to be filled with the scrap metal swept from around a machine shop metal lathe. To top that off, you have a cup with oil in it ("why would you want to lubricate your carburetor?"). On closer examination (and some reading in a AC D-14 service manual), I found out that this is a pretty ingenious method of cleaning the air in the tractor's intake tract.
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