Yes, the engine spins multiple revolutions very freely using the starter with the spark plug out. It's when the spark plug is in that it seems to have too much compression and won't spin a full revolution.THE ENGINE MUST BE ABLE TO SPIN FREELY 360 DEGREES MULTIPLE REVOLUTIONS WITH THE PLUGS OUT BOTH BY HAND AND STARTER BEFORE GOING FURTHER. There is no compression when the plugs are out.
to have 12.2V while spinning the starter, and 12.8V at rest, would be within a normal voltage drop I think. Why the engine can turn freely by hand when the plugs are out but load the battery so much when the starter is used with the plugs out is beyond me.
Until the engine spins freely with the plugs out, doing other adjustments, etc., taking an engine apart is just wasted time in my eyes.
ONE TEST might be to spin the engine by hand several revolutions with the plugs out. Disconnect the starter wire and tape it out of the way so not to short or cause another issue. Turn the key to start and see if the engine still spins freely by hand. Would a shorted alternator winding bind the engine enough and pull the voltage down? What if the PTO was wired to full on when the engine was starting and the belt was binding. Need to be sure the engine will spin freely by hand in the start position. The voltage should not fall much in the start position when the starter or starter wire is removed.
The PTO is not engaged and the belt is off.