The old engines ran 3 parts gas and 1 part 70 weight oil...
We run the old time gassers in radio controlled free flight events...Check the Society of Antique Modelers, they have events all the time...
Don't need a fancy ignition system, just a $15 Rimfore spark plug and a Modelectric 3 volt coil...There are transistor circuits to take most of the current from the points...
Why Not ?