I bought a 200M last year that was sitting 19 years and when I got it running it had a sticking valve that caused it to have no compression about every 4 strokes..anyway I found no interference in that engine so you should be ok there.
I used a spray bottle of transmission fluid in the intake with the carb out to lube the valve guides..smoked a bunch when it was done but smoothed the miss out.
Anyway, are you perhaps hand spinning in the reverse direction causing the timing chain to bind against the guide and stop things?
Current toys..
1986 Honda 350X..trail bomb!
1985 Honda 250SX..my main mudder
1985 Honda 250ES..Back in Black Trike
Current non-trike toys:
1990 Honda TRX300FW
1995 Seadoo GTX
1998 Polaris Indy Lite 340(Nearly new looking)
1998 Polaris Touring 500
1998 Club Car (electric)