Could be out of time too. The piston wants to be 3/8" from TDC on the compression stroke. Thats where you align the mag marks with the adjustable fiber drive block on the mag coupler.
IME Gravelys are good starters given good spark and fuel. I had 13 running at one time, down to 3 now. Stuck valves are common, always roll the engine over by hand one to make sure you don't have a hard stuck valve. If you do and pull with the strap or starter you can/will bust the valve.
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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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