The simple answer is no. It was posted in reference to removing carburetor jet assembly.
In order to engine to run you must have fuel (starting fluid counts as fuel in this case), air, compression, and spark at the right time. Since the flywheel was intact and you have 50 psi compression, air and fuel then you may a failing spark plug under compression or lost of spark under compression. A good to eliminate the spark plug is to try a known good plug, new don't always mean good.