As others have said, putting a hot wire to that screw on the side of the mag may or may not have toasted the coil inside the mag.
In the ordinary congiguration, the purpose of that wire is only to ground the mag out to stop the motor by closing the switch circuit to ground. With thaty circuit open the wire does nothing and the mad is free to generate its own fields to make the spark.
The only time you can put a hot wire onto that screw and get it to run is if you've disconnected the wire from the internal coil of the magneto from the points and condenser (that screw goes into a double threaded fitting that fits over the terminal on the condenser). Even that requires an external ignition coil between your hot wire from the battery and the terminal on the side of the mag, and routing the center "coil" wire from the cap to the external coil instead of the magneto. It sounds makeshift, but it's a workable solution that's seen occasionally. The effect is to use the distributor mechanism of the magneto unit, but isolate it from the magneto itself (the magnets and coil) and use an external coil to build the field you need to make a suitable spark.
It's a long shot, but might you have somethin' like that on there, a magneto body, but an external igntion coil somehwere in the area?
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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