To me sounds like a sheared flywheel key. Or the flywheel wasn't torqued to factory specs. Sounds like the ignition timing is off kicking back as it is.
Get the valves in spec. Probably never been touched. Wouldn't hurt to have good sealing valves that are in time. Inspect everything. Sitting outside for 10 years......
Dead compression release??? This is a beast L-head engine. Or you still have a fountain of water in the fuel system. Dump and clean out the tank as in new condition.
Welcome to the forum.