4.8 or 5 volts to the hall and then to the coil with the hall on a mechanical advance
you cannot run the coil direct from a hall, it has the wrong sense, and will not take 2 or 3 amps direct. You need a transistor circuit to act as the power switching.
For mech advance, yes, thats how many engines are currently. For anything under about 30cc to be honest you don't really need it from some tests I've done.
Cheers,
Rich