I had a MM on a magneto once that the little shaft the rotor was on froze in its bushing and stripped the hub in the fiber gear that ran off the main shaft in the magento. It was a Fairbanks Morse magneto, though. It would fire every once in a while when the spark and valves were close enough.
If I was you, I would try the other magneto.
You aren't trying to make it run with carbon plug wires, are you?
If you have tried timing it so many times, there is no possible way you could be 180 degrees off, trying to fire whichever cylinder is opposite #1 could you? Remember, the gear reduction inside the mag reverses the direction the rotor turns. (At least for most 4 cycle magnetos)
You could also try to find a distribuitor for that engine, as I think it would fit right on where the magneto goes.
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