What size pistons are you using? If it's more than .25, then you need to clearance the Rave Valves. If you're running .50 pistons and didn't shave the raves, chances are the two probably made some intimate contact.
What was the nature of the "bang"? Was it an explosion, like a backfire? If so, backfires are caused by a lean condition. You might not be getting enough fuel. If it was of the metallic/contact variety, then you might have a physical problem, like parts making contact, or a hydrolock condition. I trust you're trying to fire it up before turning on the water, so I doubt it's the latter.
SBT starters aren't as bad as people say. I had one reliably work for years. Is it spinning over pretty fast when you crank it with plugs in? Does it sound like it's at least trying to start? If you squirt some fuel into the carbs, does it fire up?
As for squish gap, that's a pretty important characteristic. I'd get some solder and measure that before running that motor. It's a quick death if that gap is too tight. You can pull the head and check the pistons for contact signs, and that the arrows are pointing the right way (toward the exhaust ports).