Hello pal, Just a quick few lines, it sounds as if you have the valve timing incorrectly set up , as a very quick and very rough check , remove the valve covers,turn over the engine and watch when the valves begin to open,inlet should start to open just before TDC and the exhaust at about BDC.But,before doing that recheck your points ,set them to 12-15 thou gap at max lift,make sure that the back plate is the correct way up, go about this one at a time.
Best of luck !! Good bikes ,I am after one to restore.
Cheers Neale