KW,
It looks like a good engine. It spins counter clockwise at the output which is good. I can't really tell how the magnet pickups are arranged. Since the coil isn't mounted on the cylinder, it would be a good canadate for either gas/glow or electronic ignition. Gas/glow would get the weight down so it would work with a smaller plane. The ports on the tiller engines are fairly large, compared with the small trimmers. I would strip it down. Get a hub and glow plug adapter and run gas glow. It should only weigh about 40oz. this way. My Saito 120S weighs 32oz. as an example. Good luck.

Dave