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John, those are a simple point type magneto system. They have a dedicated charging coil inside the mag to run the system, and a coil.
To set the timing, you simply change the point gap to get the timing line(s) and pointer inside the mag to line up.
Easy way to check for spark is to disconnect the feed wire from the mag, to the coil, and hold it very close to the engine, and boot it over. If there is spark out of the mag, you will get a very small spark per spark event.
Those systems do not like resistor plug caps, they make the coil fail very suddenly. Plug gap should be kept close, down to .032 maximum. Non-resistor plug works, resistor overworks system. Most issues with stop are either the points literally wearing the rubbing block down to contact closure, and, mist oils inside the mag case burning onto the point faces, stopping continuity. I advise NOT filing, or running anything abrasive through the point faces, they are tungsten coated, and when that tungsten is removed by abrasion, the points burn faster. Any good cleaner that doesn't leave a residue, on a business card, can usually clean the contact faces right up, restoring fire. Be careful if you use the business card method, as it is very easy to peel off a bit of card onto the contact faces, crating an insulation between them.
Those things are usually very reliable, even at full max for long periods, but, stuff does happen.
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