If it sputter then it is most likely a fuel delivery or carburetion problem. But can also be spark timing problem. Let us focus on these two problems for now. Check all plug wires with the switchbox to make sure it is all in correct orientation according to wiring diagram.
1991 120HP Wiring Diagram .
When you said fuel is getting into the carbs is this when you squeeze the priming bulb? Or only after manually choking the carbs as you described earlier . . . when you put your hand at the front of the top carb you see fuel flowing.
Ensure the priming bulb is firm if not squeeze it until it is firm. This should prime the fuel suction hose up to the fuel pump. Disconnect the clear fuel hose from the fuel pump outlet. Drain it empty to a small container. Reconnect. Now have someone crank or start the motor for about 2-3 seconds while you are watching the fuel pump outlet and the clear hose. Do you see fuel coming out of the fuel pump. If not there's something wrong with the rebuild of the fuel pump. If there is then fuel delivery is good and you can check this off the problem list.
Next check carburetion. Check the position of the choke shutter (butterfly) located at the very front of each carb. It should be on full horizontal. Test the choke by having someone push in the key ignition. DO NOT START! The shutter should move down to almost close, 80-90% close. Release the key ignition and shutters should return to horizontal position.
Next check the throttle shutters (also called butterfly) located at the very end or base of the each carb using a flashlight. You will need to remove the air covers (if equipped) from the front of the carb to do this. The shutters should be almost close with about 5-10% open. If there is no sign of being opened, adjust the idle screw at the bottom of the timing tower to open it a bit.
If there's no movement on the throttle shutters after two turns from the timing tower, then you need to adjust the linkage between the timing tower and the cam.
Lastly, check the setting of the idle mixture screw (fuel air mixture screw) #29 on carb diagram. Make sure it is 1 1/2 turn out from slightly seated on each carb. This action means you would screw in the mixture screw all the way in (slowly to avoid damaging the tip) lightly. Then turn it back out 1.5 turns out and leave it set it there.
Try again and let us know. If it still would not run, have someone do the starting while you hold on the carbs' tie bar (flat bar that connects between the two carbs throttle shutters) in half way up position. This action opens the throttle shutter about half way and see if it'll run. Goodluck.