First of all thanks to all who responded !
This forum is a great resource.
I tried WD40 inside the cap, wiped out, no help.
I removed magneto coil cover, there was corroson on contact, cleaned it up,no help.
I removed magneto coil, replaced with conventional coil , wired quickly with jumper wires,set points to .020
Bingo ! We have a running Cub !
A couple of observations that may help someone:
I see on the forum that no one likes the Tractor Supply carb kit, I had already installed mine before reading the forum, there is a mistake on the insructions for float measurement, hand written was 1 13/16" should be 1 13/32"
I also see that a in line fuel filter is not recommended, I had one on this tractor for probably 10 or more years, it worked fine, my thinking was the sediment bowl couldn't work as well as a modern filter. WRONG ! After my Cub quit, I cleaned the sediment bowl, which had caught some brown rust flakes, then I cut open the inline filter to see what it caught , NOTHING ! When I took Carb. apart , there was nothing in the inlet screen. So when I put it back together I left off the in line filter,sediment bowls work great.
I always cut off the fuel, and let the tractor run itself out, when I opened up the carb, there was no varnish, or scum in the bowl, this was after at least 22 years of service, I do not remember ever having the carb off, not sure when Grampa did.
A little more history, my Grampa worked for the local IH dealer, he bought my Cub after the first owner traded back in for larger tractor, mine is supposed to be either the first, or one of the first sold in this area. By Grampa working at the dealership, he was able to get attachments, an spare parts from time to time, these were passed on to me, which is a blessing when something fails !
I'm not trying to have a "show" tractor, but a nice working tractor, I keep the snow plow on the front, and a flail mower on the back, un hooking one or the other depending on the season. The un used attachmet is held up with a come along. I guess I'm lazy, but season change over takes about 3 minutes.
Grampa had another Cub with a sickle mower on it, and a home made wood cart, it is still over home, I use it to mow the field there,my Aunt now owns the home place.
Well, this is long enough, thanks again guys, if it's dry this evening, I 'll be mowing with the Cub !