White smoke prop

[Eldorado]

Hi guys ive got a 1970 60 hp johnson here that cranks fine but wont start. I think it may have something to do with timing. I tried spraying some starting fluid into it bit but that didn't help. It hasn't been started in about 5 years, just been sitting around. I see white smoke coming out of the prop along with a pop, pop, pop and I smell fuel. Its got a new coil. Rebuilt starter. Turns quickly. Rebuilt carbs, spark plugs, and spark plug wires. I have the high speed nozzle seated out 3/4 of a turn. Intake butterfly is slightly open. Outer butterfly is slightly choked. Good battery. I have the poiints set at a .01 inch gap. I set the points on 1 and then rotated 180 degrees and set the other at .01 as said in manual.