It sounds like it's not getting any compression, when you say it turns over fast. This makes me think it's not timed right.
Try this just for the fun of it.
Take out the #1 plug, stick a piece of tissue paper in the hole, lightly. Now turn the motor over by hand while watching the timing mark. When the tissue pops out, stop and then slowly finish turning it until the mark is at TDC. This is TDC on #1 on the compression stroke. Then pull the cap and see where the rotor is pointing. Should be dead on the #1 tower.
I'm sure you know this, but it's all I could think of.