Happy to report that AC 2721 didn't have a cracked head and fired up on the 4th pull. (the eBay image did look like it had a crack but I was assured by the owner that it didn't) A full water test is next on the list on John's recommendation. (I'll make sure the container is large enough)
Yes, a great buy that. If you look on the SOS main web pages there are some prints of early post war magazine tests, showing an exactly the same engine.
It is looking good, was surprised it had a spark, could be arcing between windings, hope it is sound.
Will be interesting to see it run in water, I find that the older villiers condensers fail when they get hot.
Normally after about 20 to 30 minutes of hard running on a boat.
I replace them if I want to use the motor other than in a test tank.