I have had a similar problem when starting my spi engine for the first time since rebuild last weekend.
I had fuel and spark, but the car wouldnt start.
The problem was the distributor shaft which was in the wrong position. When putting the distributor shaft in place, piston1 (timing chain side) must be at TDC on compression stroke. The position of the distributor shaft is indicated in the haynes manual.
Once the distributor shaft position corrected, the car started immediatly.
That is my personal experience, hope it helps.
I thought it was impossible to get the flywheel on the wrong position since its design prevent it..?. ( thanks to the flywheel keyway locating plate, which locates the flywheel relatively to the crankshaft).
It is true that a wrong flywheel position would cause the same symptoms as a wrong distributor shaft position.
Exactly the same happened to me ! scratching my head for days then thought ahhhhhhhhh! distributor shaft ! half an hour later engine started and me whooping around the garage !