You're asking about sticking valves. An engine with "a" stuck valve will run on 3 cylinders, cranking will sound like cranking with a plug out, it will run but have a steady miss. If more than one, stuck, it might run on 2 cylinders, more than that it won't run at all.
You say it starts right up. Since it does start the timing is close enough to fine tune. Get it started and turn the mag back and forth until it sounds and starts good.
Slow timing will cause loss of power, backfiring out the carb on acceleration.
Fast timing will cause the engine to kick back when cranking, erratic idle, spark knock.
Generally, advancing the spark will speed up the idle, retarding will slow the idle, unless it's way off, and I don't think you're that far off.
Back to the fuel issue... Is there black smoke? If so it's too rich.
Fuel running out the carb throat? Float too high, trash in needle and seat, sunk float.
Is the choke linkage right? Choke fully open when pushed in.
Is the air cleaner clean? Take the hose off the carb and see if it runs better.
Set the idle screw about 1 1/2 to 2 turns off the seat.
Set the main screw about 2 to 3 turns off the seat.
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Today's Featured Article - A 1937 John Deere Unstuck - by Gary Hickman. Here is my story of how I got the pistons out of a 1937 JD B that the engine had been stuck for about 14 years: About 12 years ago my Dad gave me one of the tractors I ran as I was growing up on our farm in central Nebraska. The engine on this tractor, a 1937 John Deere "B", had been stuck for 2 years before he gave it to me. This last spring (1999) I hauled the tractor to our 2 acre lot in St. Libory Nebraska where it joined my antique machinery collection, at that time a 1929 Caterpillar T
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