Hold the spark plug wire near the tip of the plug. If you don't get a spark hold it near the bottom of the plug. If you get a spark then it's the pug. If you still don't get a spark then it's the coil.

 

Most of the FB460v Kawisaki engines had a small module that was mounted on the side of the engine that worked in conjuction with the coil. Check to make sure that the coil is properly grounded and that the kill switch on the throttle plate (where the throttle cable attaches to the engine) is working properly and not stuck closed. Also try disconneting that module and see if there is spark. The FB460v ignitions were pretty good, I've seen more problems with the FC420v coils.
Josh

 

Okay, I have unplugged the wires coming from the engine and now get spark. Now it just doesn't want to start. I seem to be getting fuel. Maybe flooded? Any ideas now. My arm is getting sore from pulling the rope.

 

Well you have a problem with the gound wire. It is sending the current straight to ground. The engine sould start if you have spark.

 

Now that you have spark, check to see if your choke is closing all the way. Those engines had annoying choke linkages that lost their tension after awhile. Take the air filter off, engage the choke on the throttle lever and check to see that the choke is closing all the way on the carburetor. Also, is your gas shut off still off?
Josh