Before we get to far down the road let's pick off the easy things first.
It sounds to me like the choke is not working correctly. Are you sure it is all the way open and all the way closed when you think it is?
You are getting spark and fuel in all four cylinders. Are the spark plug wires connected in the correct firing order?
Fuel will accumulate in a downdraft carburetor after a lot of no start cranking.
The engine should start on three cylinders. The stuck valve might break loose. In the mean while try to get some MMO on the stuck valve. A pump oil can with a flexible spout might work to do this.
TRUE GRIT
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