If as you say there is both spark and fuel, you may have a timing issue.
I read that it started for about 10 seconds, then died. I will also assume that you tried priming and it still didn't start. It has been known to happen that the woodruf key that locates the flywheel will shear and allow the flywheel to turn slightly on the crankshaft changing the timing enough that it wont start.
You will still have fuel, and great spark, but it won't start.
There is an awesome thread in vintage that describes how to check and properly time the 550's
Hope this helps.
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