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 - Identifying Tractor Smells - by Curtis Von Fange. We are continuing our series on learning to talk the language of our tractor. Since we can’t actually talk to our tractors, though some of the older sect of farmers might disagree, we use our five physical senses to observe and construe what our iron age friends are trying to tell us. We have already talked about some of the colors the unit might leave as clues to its well-being. Now we are going to use our noses to diagnose particular smells. ELECTRICAL SMELLS
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