Did you ever figure out what the root cause was? I have the same problem and can't seem to get it running again. I have an LT160 that I used last week to mow. Got it started yesterday at full choke as usual, but had a slight sputter so I shut the throttle down then back up to full open. I think I flooded the engine. It would not restart afterwards. I have fuel going to the engine so the pump and gas cap vent are clear. Removed the spark plug and it was wet.
Cleaned it off, sprayed some starter fluid in and tried to get it to kick off, but it still sputters and sends out some light grayish-white exhaust. Seems the spark plug is good, I just can't seem to get it to catch.
I really don't want to take the carb apart and put everything back to gether to find out this is not going to fix the problem. Seems odd.

Yes, the flywheel had skipped causing the engine timing to be off.

"skipped"? Does it have a woodruff key?

Hi,
I broke these posts off that 3 1/2 year old original.
The LT160 uses a woodruff key indeed to time it and the Kohler Command engine it has in it is famous for shearing it if the engine is shut off without allowing it to idle down first. The Deere part # is 26H74 which is a 3/16" x 5/8" key dimensionally.
Peace,
Clarke