I think your motor and ignition is prob fine, you're just going through the first timers blues...
First off, contrary to what the manual says 16:1 is an excessive amount of oil. You do want to use extra oil in the first couple gallons of fuel to make sure the new/dry parts in the motor get oiled up as quick as possible but 16:1 is a lot of oil and you could end up flooded with a fouled plug etc.....
If I were you this is what I would do.
First I would pull out the spark plug then let the clutch out and roll the bike around a bit allowing the motor to turn over and cough out any excess fuel/oil that may be inside the cylinder. (Don't RIDE the bike, roll it around just to let it turn over a handful of times. Make sure there is no spark or flame around that could ignite any fuel that may come out of the spark plug hole while you do this)
Next I would install a better spark plug, or the spare plug that came with the kit, or at least clean and dry out the plug you were using before you reinstall it.
I would disconnect the kill switch for the time being, and make sure to isolate the white wire (or accessory power wire whatever color it may be, if it is present)
I would check to make sure the spark plug boot is seated on the wire properly, and the parts inside the plug boot are all in proper order. Also, with most of the kit boots you need to unscrew the top of the spark plug, you should see a threaded rod on top of the spark plug, not the press on tip you may be used to. IMHO you are best off to get an automotive plug wire and boot and replace what came with your kit (and put the cap back on the spark plug) but since I haven't actually seen a Super Rat style CDI I can't comment on the quality of the wire. I suspect the wire and boot are still crap and you should replace it.....
I would drain out the 16:1 fuel and make a fresh mix of 20:1 or 24:1 fuel and use that.
I would make sure the air filter is not soaked with gas or oil, clean if necessary.
Then I would turn on the fuel, immediately ride and pop the clutch and pedal her along until she fires (hopefully). If/when you get her running I would pull in the clutch (disengage the engine) and use the throttle to try and keep her running at as low of an idle as possible for a little while, if that goes well then gently start to ride and begin the breaking process. There are lots of schools of thought on break in, but I feel a couple gallons/couple hundred miles of break in fuel mix, riding moderately varying speed and RPM on the motor without riding WOT for extended periods but hitting it WOT for brief periods is a reasonable way to break in a HT motor.
Hope this was helpful, good luck!