Guy I know it's been a long time since I posted this but I wanted to give an update. The mower has sat for well over a year. I had pulled the flywheel off and cleaned under it, it was full of dried grass. I put it back together and it still wouldn't start. I had an inline spark tester on the spark plug wire to the plug. I was getting spark but it wasn't very bright. I realized that my john deer walk behind mower(that doesn't run) has the same engine as the LX176 does. I swapped out the ignition module and it still wouldn't start. The coil and plug had been replaced. As a last resort I pulled the part off that sits under the flywheel that bolts to the block. I can't remember what it's called. Put it back together and immediately saw the spark was brighter than BAM it started. It's been running for almost a month now. I have no idea what could go bad in those windings but it fixed it. I hope this helps someone in the future.
Jason
Well here we are years later and I've got this exact same problem! I picked up a JD 275 with the 14hp fc420v for cheap. It had a blown motor, so I replaced it. It fired right up pretty easy and ran good. I then mowed more than half my lawn. After stopping to empty the grass catcher a few times, it was getting progressively harder to start. It would crank for a long time and massive backfires out the exhaust like the original poster says.
What I've done so far:
Pulled flywheel and checked for sheared pin, no issues.
Pulled carb and inspected, jets and float. Very clean, no issues.
Adjusted valves to .006, they were a little loose before.
Checked compression, compression was good. Actually higher than I expected it to be. I've got a service manual coming in the mail so hopefully it will show the compression specs for the fc420v.
When the mower was running, it ran fantastic! No smoke, plenty of power.
I've got a spark tester, I'll check that next.
I was happy to see the follow-up to this thread. It gave me some good idea for additional things to check.
Anyone still using these old mowers other than myself? It was too good of a deal to pass up on, even with a blown motor. Has the powerflow and grass catcher too.