[scr11]

Guys - thanks for the tips. A simple compression test yielded our answer: no compression. It turns out, I had the rocker arms too tight by 1/2 turn. This was enough to keep the valves ever so slightly open.
I'll play with the timing this weekend and possibly the fuel mixture as well. Seems to be running rich right now, but hey, that's better than lean!
Thanks again!
See you all soon.
Scott