Day-114(2-hours):
Slight progress, I think...
I checked for the source of the coolant leak. The rear passenger's side of the shroud is the only place that was wet, but I checked the petcock and realized it was barely snug. I tightened by hand as far as I dared - it's all plastic - and gave it a crank.
It fired right up, but no amour of throttle input kept it running, and it died in 30-seconds or less. I tried to restart & it stumbled, then nothing. Subsequent attempts only cranked with no fire, just like previous times. I was able to watch my noid light though, and confirmed I had spark the entire time.
I pulled the 5 easy plugs, but they weren't very wet. They did smell a bit like gas, as did the open carb. I'm curious if this might be a clue though - these are plugs #1, 3 & 5(though not in order) and they have very different colors. Does that tell me anything?
After reinstalling the plugs, less than 10-minutes, I tried to restart. I got a slight stumble, then nothing, even though I still had spark. So I decided to chase my current draw.
What I found was a 5.5-6 amp draw with the key off. Holy E36 M3! I found the source in the ctsy/clk circuit, which includes all underhood and interior lights, as well as the radio. My hunch is it's the radio, as I can't imagine the two underhood lights drawing that much current. Oddly, even with the fuse removed the clock on the radio is still illuminated - but current draw was down to 0.5-0.6 amps.
So I tried restarting it again, and this time it took off. After about 20-seconds of playing with the throttle the idle stabilized, and I was able to get base timing set to 12-degrees. While I was in the process of adjusting it I noticed coolant leaking from underneath the lower hose. However, the radiator was starting to steam before I could reset the idle mixture screws.
Once I shut it off the coolant stopped dropping almost immediately, but it was at about 165-degrees so I wasn't able to pull the clamp & check for the source of the leak. Maybe tomorrow...if it starts.