There's two marks on the flywheel that line up with a mark on the case. Points should start to open at the first mark, and be fully open at the second.
Simple way to time it is to stick a small screwdriver into the plug hole, rotate the flywheel till it's at top dead center, and check where the marks are. Should be lined up with the second mark on the flywheel, and points should be fully opened.
Check point gap, make sure they're clean, and your condenser is good.
You may have spark now, but it might not be timed right, or weak. I've had bikes that look like a good spark with the plug out, but won't fire under compression. You can buy a cheap inline spark tester with a light from harbor freight. I use mine all the time.
And like above, check the exhaust. A clogged pipe will stop it from running.
And check your kill switch, and your brakelight. v1's have a brake light coil that if the brake bulb blows, it won't start.
Simple way to check is unplug the black and blue wires at the engine. Leave the black open and ground the blue. Leave the red one hooked to the coil. That's all you need to start it.