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 - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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