UPDATE .. I got her running just a lil while ago.. It turns out that My first impression was correct.. It is a anti-theft set up. Without the key in the on position.. the voltage drops to a level low enought to crank but not fire .
The solution was to re-connect the ignition and pull the cylinder and start it w/ a screwdriver. It's a temporary fix till the part comes in and I can set it up properly, But for now I am forced to ride ghetto style :yoyoyo: and keep a screwdriver on hand as a key.. But I can ride non the less.. :rider:
Thanks for all the info.. I hope this can help someone else in the future..