I feel bad for you and wish I could do more but without experience it is like trying to teach surgery over the internet.So, does it start or not? Carbs do make a sucking sound, especially with the air filter off. It is the air being drawn into the engine.
Here is one thought that might help just a little related to timing. As simple as I can think of explaining it.
If you hook one end of your test light to the battery and the other end to the yellow wire for the points. Now rotate the engine until the light is off or continue rotating the engine with the light off. Just keep going and going until the light comes on then STOP!! Again in other words.....With the test light connected to the yellow wire and positive battery rotate the engine clockwise (Right or tight) until the light first lights then STOP!!
Now check the flywheel to see if F1 is aligned in the flywheel window.. When the test light first comes ON the flywheel should read F1 near perfectly. Does it??? Answer then check back .for help how to make it right.
OK....if you managed to get through all that is listed above only do one thing. Switch the test light from the yellow wire to the blue wire. Repeat everything again but this time when the test light comes on look at the flywheel. It should be on F2. Remember last ime when you tested the yellow it had to be on F1 now on the blue wire yoou should see F2 in the flywheel window. Is F2 aligned???? Check back.