I've solved it! The cover over the flywheel mounts on to the engine with 4, 10mm screws, but the cover has
slots in in rather than round holes. If the cover is fitted without pushing it hard against the engine, it results in the pull starter being too far outside the "pot" mounted on the flywheel which it needs to engage, so it spins.
When pushed hard towards the engine before the 4 screws are tightened, the prongs on the pull starter are closer in and engage.
So its now starts, but of course the Dellorto has a poor reputation for running when cold, and even though I stripped it down and put it in an ultrasonic cleaner, it is still not fully sorted. But I'm making some progress
B