So what I'm thinking for my next steps:
- open up the carb and check for any debris
- adjust pressure at pressure regulator
- remove the inline filter and replace it with filter at the carb (possibly) OR just run it without it (my fuel pump does have filter already)
- change oil
- switch back to non adjustable rocker arms (to exclude possible problem for now and just deal with carb/fuel delivery)
- check dizzy for good spark on each spark plug
If all that doesn't solve the start up and flooding issues - move on to the electric fuel pump