As an easy test disconnect the two 2 pin Bosch connectors from the cold start injector and idle air speed controller (that probably has another name, though that is its function). They are at the top of the engine on the intake side about Cyl. 2 or 3. Crank it and see how you go.
If not luck above, once compression confirmed the cam timing should be fairly easy to check, though it seems right from the pics. Look in the oil filler cap for the two no.1 lobes pointing up while at TDC and dist pointing to no.1 lead.
Pull the fuel pump fuses (removing the fuel system from working) and try to run it on Aerostart. A one or two second blast into the intake manifold then cranking should get it to fire. A short squirt each second or so should keep it running rough enough to prove it works.
Check the cold start injector, sounds like it may be leaking as the main injectors are not flowing though there is fuel in the intake manifold. Also check the two connectors to the idle air controller and cold start injector, they are easy to mix up though when backwards I have seen immediate problems. It may be that the cold start injector is powered on from the connector intended for the air controller. That could cause the problems.
