Try running a positive wire directly from the battery to the coil and disconnect the positive wire coming from the ignition switch... see what happens. Also, have you noticed if the spark plugs smell like gasoline? A few years ago, I had an issue with an HIF carb where the choke O-ring had worn out, causing too much fuel to get in.
Thank you! I did just this, it does seem to the the ignition switch.
The plugs did smell of fuel but weren't wet so this was a bit of a red herring. The carb has recently been rebuilt so I was fairly sure it wasn't worn components











