New challenge 60hp 1990

Bought boat, motor and trailer back in Dec. Motor is 1990 johnson 60hp and was no good. Previous owner ran motor without a water impeller KEY so it got too hot. Anyway I bought it for cheap.
I decided to rebuild and this is my first rebuild of a outboard motor. Took tons of pics, notes and used omc instructions.*
Bottom cylinder was sleeved with a new standard piston and the top two cylinders remained as they were .030 over with new rings and rod bearings.
I reassembled the motor and today it cranks perfect but will not start.
Here's the conditions:

compression= 118psi all cylinders
All three spark plugs have spark
Carbs cleaned and floats at 1.375
All carbs bowls fill with fuel
Carbs synchronized the best I could
Primer bulb gets tight no leaks
Fuel pump cleaned and looks good
VRO I assume was removed years ago
All new fuel hose
Fuel primer solenoid cleaned
New battery
Fuel tank drained and using 50:1
New impeller

I'm not convinced that fuel is getting to
the piston. I remove the spark plugs
and they don't seem that wet with fuel.

Where should I start to try and find out
what I'm missing?
Thanks

Are you pushing key in and holding it in while cranking it over ?----Is battery and starter in good condition ?----Is flywheel key good and flywheel in the correct position?------Orange / blue stripe wire on the top coil ?

Yes on all accounts.
I'll have to double check the flywheel key but I'm somewhat sure
the top piston is ATD center and Mark is at the pointer.

Rotate the flywheel cw manually and top piston atdc
And pointer is pointing at about 18, 19, 20 degrees.
I think it should be 19.
COIL wires =
Top = orange with a bright blue stripe
Mid = orange with a purple stripe
Bott = orange with a green stripe

One more thing.
The bottom COIL wire was frayed so I cut it and a reconnected
with connector. Last time I checked it sparked just fine.
Maybe I need to buy a new one??

Oh yea, I tried cranking it again and it made a loud
BACKFIRE sound. How does a pointless motor
backfire??

Hmmmm
I'll pull the flywheel and check alignment. But, let's say the key got jammed
and it's off 1/16"...
Is that enough to foul things up?

Removed the flywheel with ease and it was meshed with the
key perfectly.
I now have the top piston at TDC with the key facing aft.
I can sit the flywheel on the key/crankshaft and the TDC
Mark on the flywheel is aligned with the pointer.
Am I missing something?
Is it possible to install the STATOR or TIME BASE ASSY
incorrectly.
I took pics of every component before removal so I
could reassemble exactly the same.

It was the power pack.
It's running now but I'm playing with the controls now.
One question......these carbs do NOT have a slow speed
screw so I guess it's set at the factory. The parts list
diagram shows a SLOW SPEED SCREW did some have
them and some did not????