The plugs are not supposed to be wet. If they are you flooded it and it will not start no matter how good your spark is.
Fuel running out of the carb throat tells me you've flooded it. Leave the choke alone and use starter fluid.
An old spark plug is useless for testing spark unless you opened the gap to 1/4". Did you?
The cap goes on one way......but the wires can go on 4 different ways. LOOK at the cap. #1 should say 1. Make sure #1 wire goes there to # 1 plug. Then, it's 1-2-