Did it make the noises as if the piston is moving? You'll hear the exhaust sputtering. It's just compression and then air coming out if it's not actually starting.
There's a lot of things that can make it not start.
3 main things..
Spark
Compression
Fuel
Pictures could help too but read these they may help, it may be as simple as making sure your clutch is engaging. You'll know that it is because you'll hear the engine turning
http://motorbicycling.com/showthread.php?t=22726
This is what you are looking for if your clutch is working:
http://motorbicycling.com/showthread.php?t=13953
You're on the right track with 1:24. With the CNS carb it may be a little difficult, it may not. But you should be able to get it to run with it. It just may be tempermental.
When you do get it running and take a victory lap I would say that it is important to do a few preventative maintenance things before running the motor over 10 miles. Such as grease (NOT OIL) the gears you see when you open the clutch cover. I used lithium grease. Check your spark plug, during break in it should be (imo) black and wet. Do something about that chain tensioner, it will destroy your wheel if it is modified. After the first 15 miles or so I removed it and it works great tensionerless.
If you have chain problems problems I have found that it is almost always your sprocket not be perfectly center. Also check your motor mounts every ride. My downtube lost a nut once. Nothing bad happened but I'm sure the studs weren't happy. Since then I put locktite on and everything has been great since.
There's a lot of things for sure, but as you go it'll be second nature. If you're like me you'll end up deciding that the only thing that isn't supposed to be replaced on the kit is the CDI, engine, and NT carb.
Anyways.. I am writing to much so the last thing to say is; don't get discouraged! I'm sure it's frustrating that it didn't kick buck and fly away but just tell us as much as possible and you'll get it goin
