Cobba, it has to be close. I spent a lot more time getting mine going due to my mistakes. I ended up belting mine to the little 1-1/2hp International M type to get it going, but it still wouldn't start on the crank handle until I made extra compression shims to make up for the lack of compression after the re-ring. (any more shim and piston meets valve).
You're getting more out of yours than I could that early.
I found you can flood them - clearing is much easier once you have it belted up.
It may take a couple of starts with smelling salts and go easily after that. Extra compression plates are easy to make and fit and can be taken out later after things have bedded a bit.
I reckon you've got it; I can already see the smoke
Also: it's perfectly acceptable to start these on kerosene.
Jarrod.