Welcome to the Forum. Sounds a bit like me in the mornings.
I quess a condenser been fitted in that list --- so I would check basic stuff first. You sound from the above you suspect there was a known fault when you bought it, check your plug gaps are correct or try new plugs as this 126 runs a waste spark system and requires both leads to be connected to work, if not the following will still help.
Check your coil is well earthed to the bodywork then run a new wire from the + side of the battery to the coil (just incase you have a high resistance in the loom somewhere). Now with the wire from the distributor disconnected from the coil connect a ohm meter to the wire and the other lead to bodywork earth and turn the engine by hand and watch the reading go from open circuit to a dead short, this is correct and if not investigate.
Connect all up and remove the petrol pipe from the pump so no more fuel entres the carb and turn the engine over for 20 seconds with the throttle wide open to see if you get any life from the engine. If so just let the engine run until you run out off fuel and then connect the petrol pipe back up and start the engine again. If the engine fires/dies then the sparkplugs get wet then you know it's a carb fault
Good Luck
