xbird, I did just that!
I picked up a new spark plug, CDI, and ignition coil in addition to a new valve cover gasket from a local parts supplier ($16)
Turns out the CDI had different terminal adapters, so I couldn't hook that up, but I was able to install the new spark plug and ignition coil, in addition to replacing the gasket.
Engine started up and was a bit rough, but after 10 minutes or so of gentle driving it was much smoother. There were a few times it shut off with moderate gas, so I would just let it sit for two or three minutes, start it up again, and try again.
Also, the exhaust smoke was much less than before, and seemed to dissipate nearly entirely at the end of my 10 minute ride.
Not sure if the bogging down with gas was due to the fact that it was still getting rid of everything from start up, or just because it was cold, but having gotten it started and running, I am much happier and will run more tests tomorrow.
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