I offer a little known fact. There is a "cam type" lobe the points ride on. Looking at the spark advance straight on you will see it.
This little lobe can be installed 180 degrees off...and still look correct. The clue here to your problem is backfire. When this lobe is 180 degrees off, the engine backfires because, believe it or not, even when your cam/crankshaft alignment is accurate, your timing is 180 degrees off.
If for some reason, after removing and re installing the points cam lobe, your issue continues, add about 1 ounce of motor oil to each cylinder and re install the spark plugs. Should the bike fire up, you have low compression.
For now, I bet on the points cam lobe being 180 degrees off.
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