So, switched out the voltage regulator and now I'm getting a consistent 12-13V on the battery with engine off or on. No longer seeing the drop when the engine is running. Next, confirmed the 12V at the fuel pump, and now the flow does not decrease when the engine is cranking. So the new voltage regulator has at least fixed those weird symptoms. However, the engine still won't run longer than 5-20 seconds.
Tonight, I was able to get the multimeter on the wire to the fuel solenoid and confirmed 12V to the solenoid when the key is on. Wiggles the connection in all directions and no loss of voltage. I can also hear the solenoid activating when the key is turned on.
I also ran a smoke machine into the air intake and did not see any visible air leaks at any of the carb gaskets or anywhere in the intake manifold.
I pulled the relay connected to the ignition. Relay seems to be in good condition. 71 ohms on the 85/86 resistor and the 30/87 switch activates just fine. Just for grins and giggles, I checked the valve clearances and fine tuned them to 6 mil. Still won't run.
So, the engine starts under full choke and will run for a few seconds. Also starts on starter fluid. Acts like there's either not enough fuel or too much air. Yet, fuel is good. Flow is strong to the carb. Solenoid is working properly. Carb is new and clean. No air leaks around the carb or intake manifold. Compression is good, valves are good, coils are new and plugs are firing. What am I missing?