Hi RC,
If you can pickup a more modern solidstate coil that will fit, it should work with your flywheel. You may want to go to CDI for a large engine due to kickback. Get one with syncro spark auto advance or use a heavyduty starter. They used to have a points eliminator kit at saw shops for about $15. You probaly have to get that big engine spinning at about 400rpm to start it.

Dave