Update: I got it running!
I put more than a few drops in the cylinders, probably a healthy tablespoon each. I don't know why the heck I thought that was a good idea. I'm well aware of the phenomenon of hydro-locking, just didn't think about it happening at the time.
As far as the ignition goes, I had great success with the Pertronix in my previous Midget and my TR6. I didn't buy from Moss. Our local shop in Denver, Sports Car Craftsmen, carries it and I'm happy to support them, even if I could probably get it cheaper on line.
So I installed the Pertronix, a new rotor, new plugs, and a Lucas Sport Coil. I also flushed the heck out of the carbs with carb cleaner, installed new fuel lines and filter. After extracting the oil, it only took a couple blasts of starter fluid to get it going. Once it warmed up properly, it purred like a kitten. My first stop was to the car wash to clean off a few years of dust. Then I topped off the tank along with another bottle of carb cleaner and dry gas, just in case. After that I drove a little loop I have around South Boulder.
I think that my original issue was either bad fuel, or foreign objects in my fuel pump, lines, or carbs. Going up a steep hill it started hesitating and did so for a while on the flats afterwards. I was able to keep it running and it ran fine through the neighborhood. The next warm day we have I'll take it out and run it on the highway for a while to see if I can find a pattern.
I'll start a proper introduction thread in a bit, but for now here are a few pics of the Midget. My Dad bought it new in 1972. I grew up in Maryland and that's where it spent it's time until 2007. Over the years my Dad owned a few big Healeys, an E-Type, and a couple Spitfires. The MG was his daily driver up until the late '80's. It shows the affects of over a decade of east coast daily driving. He also modded the interior with all kinds of electrical gadgets. It has a compass and clocks out of an F-4U Corsair and lots of other crazy switches and buttons. My dad passed away suddenly in 2004 and only had time to hand draw me a rough schematic before becoming ill. Eventually I'd like to hook everything back up, but that's a massive undertaking. I've kept the car running, sans electrical gadgetry, ever since. I've owned a really nice Midget and a TR6 in the past, but this one is not a show car. I plan on keeping it running as long as possible, as the sentimental value is off the chart!
Crappy Cell Phone Pics