If the fuel level in the tank is higher than the plugs and if the float in the carburetor has gone bad and sunk to the bottom of the fuel bowl, gas could flow directly into the cylinders. That's a common problem with the "up draft" type carburetors. I would definitely install a working fuel shut off valve first thing.
I can't say that I have ever seen a Series 4 D-17 with a magneto installed, but stranger things... Please check your engine oil for fuel. That stuff can ruin an engine quick by diluting the motor oil.
I would then order a carb kit and check the float for liquid on the inside of it. You can hear it sometimes when you shake them or they will feel heavy. If that float has gone south for the winter, your getting to much gas and not enough air to ignite the mixture, so it won't run.
Just my first impressions anyway.
I can't say that I have ever seen a Series 4 D-17 with a magneto installed, but stranger things... Please check your engine oil for fuel. That stuff can ruin an engine quick by diluting the motor oil.
I would then order a carb kit and check the float for liquid on the inside of it. You can hear it sometimes when you shake them or they will feel heavy. If that float has gone south for the winter, your getting to much gas and not enough air to ignite the mixture, so it won't run.
Just my first impressions anyway.