92 xp wont start

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I have a friend that recently bought two 92 XPs. One runs the other has spark, fuel, and compression is 146 149.
I checked the timing, and found that it was off. I pulled the mag flywheel found the woodruff key sheared, and replaced it. Hit the starter, and it fired right up for two seconds then died, and wouldn't fire again.
I thought maybe it was getting to much fuel, so I swapped the carbs with two newly rebuilt from my 91 GT. It again fired up on first crank, and ran for 5 seconds this time then died. Won't hit again.
I'm ready to through something...any suggestions would be really appreciated.
Sounds like the CDI, or the speed limiter has gone bad.

Normally, the CDI's don't go bad... but the speed limiters do. (I'd start there) Swap it with the one from the running ski.
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