It sounds like you have proven it is a hot magneto. When you put the cover over the points with the drive against the stop pin the rotor will not yet be pointing to the terminal. The small drive gear will have a tapered tooth on the OD of the gear. If you have a marked large gear you have only two choices. One is for clock ways and the other is for counter clock ways. With the tapered gear pointed down some of the magnetos have lug the rotor would point at to be set up for number one wire terminal. It would be slightly to the left to the terminal on clock ways.
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Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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