Just lookin' at your pictures. Goin' through them sort of in order . . .
Magneto alright. Looks like it got set up 180* out of time (or the cap on backwards) but if that hasn't been disturbed since it was last running right, leave that alone for now, it's not part of your problem.
I'm a little curious about the splice in the ground wire off the side of the mag, as it looks like a new eyelet on the end the long part of the wire would have reached so why the splice. But maybe not. Does the wire with the splice run directly back to your on/off switch? If so, it's operating as a magneto. If it runs to a coil or anywhere else, then things change, and we'd need to know that to be able to help.
Hard to say what's happening on the back side of your ammeter panel. The rest of this pararaph is pure speculation. As for the two loose wires, the one on the right appears to run to ground and the other comes out of your harness. It could be possible that they hooked up to a switch with post-type terminals to operate your lights. (That filled in larger hole in the middle is where the stock-type light switch would mount. As far as the gizmo your pencil points to, is the darker area something that's raised up and mounted to insulate it form the panel. I'd almost hink it would have to be. Could have been a fuse or a resistor in there. It's definitely jury-rigged, so it's hard to tell hard to tell. For us to be any help sorting that out, you're gonna need to get a multimeter after it and trace where the wires go (they might run up to the voltage regulator and, if so, to which terminal?, and for continuity between the various terminals and mounts on the panel to ground. It could be just about anything there.
Your next to last picture is your generator, with a voltage regulator (as opposed to a simpler cutout relay) mounted on top.
The last pic -- The toggle switch I would GUESS would be for your lights, but I've got serious questions out that being the case. No guidance there, either, until yu can sort out the continuity
As far as the push button switch, it's of the type (though not original style) that would work on a battery ignition, but would need to have one side wired to the side of the magneto and the other to ground to work.
Two suggestions. First, rest your panel on a thick rag to insulate it from ground, and tape off those loose wires to make sure they aren't touching each other or the panel. Hook one side of your push-button switch to ground, and the other to a wire running directly to the screw on the side of the magneto. (Use the wire that's there ONLY if it runs directly between the switch and the magneto and NOWHERE else!) Keep those wires and the body of the switch away from ground, too. With the switch open, try cranking the engine and see if it will run. If it will run, see if it shuts down when you close the switch. That would be one problem solved if ti works.
Second, if we're to be of any help sortin' out the rest of it, you'll need a multimeter to try and trace the loose wires to see where they go (maybe terinals on the voltage regulator?) and check for continuity around those two gizmos on te back of the panel, to see if any part of them connects electrically to the face of the panel. It's siple looking eough, but you've got a bit of a rat's nest going there.
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