Make sure as well you have compression in each of the Cylinders. The Intake and Exhaust Valves can stick after so many years of sitting without being lubricated. That happened to my 1930 Ford Town Sedan, the car sat for about 10 years without being run and the second and third exhaust valves were stuck open giving it no compression in those cylinders. After freeing those valves up and timing it correctly she fired right up! Just take the spark plugs off and stick your finder into the spark plug holes and feel for compressed air being forces out. If you have that then it should start. As well put some Marvel Mystery Oil in each cylinder to lube it up nice and good to seal the rings for easier starting. (It will smoke a little after getting it started because of that oil, but it will burn off.) If its been sitting for the 30 years you say then it might need a little help!
The flooding and backfiring from the incorrect timing also could have started that small fire. I blew up my exhaust pipe from not having it timed right and it backfiring on me. As long as you have Compression, Spark, Fuel and Correct Timing, she will start!
