the basic when a gasoline engine will not start is to figure which of the three items is missing.
Fuel and air in a fairly broad ratio
Spark
Compression
You've already ruled out compression. If that engine has a compression release, 75 to 81 psi is fine. If it does not, it is low but it would still run.
Lack of spark would require both cylinders to lose spark. That means something common like an ignition switch over heating, or a safety switch misbehaving, like an oil level sensor. But checking for spark is rather easy with either a spark tester or a timing light.
Fuel problems come in three flavors. They are: not enough, too much, or bad fuel/water in fuel. If it is too much you would smell it. If it is not enough you can spray some Berryman's B12 into the carb, or squirt a teaspoon of gasoline into the carb. If it runs for a few seconds then you can try to figure why there is a defect in the fuel system.
There can be another cause which is not really common but it does happen. The exhaust gets plugged by mud daubers, or mice that move in and nest over winter. Normally an engine like that will run for 30 seconds to a minute then crap out.