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 - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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