I thought I would take a minute to post this. While working on the versa-matic I found that it became extremely difficult to pull start. After a while it just would not start. Upon investigation I found that the spark was weak to none. I figured points or condenser.
I pulled the flywheel and noticed that the key was sheared just a tiny bit. I would not think it would throw the timing off that much but I said hey while I have this apart lets put in a new key and see what happens. I put in a new key and bang, got huge spark and it started on the first pull. So just keep in mind next time a engine becomes hard to start. Here are some pictures of that key. It does not look all that bad.