Thanks for the info guys. I'm glad I posted the question, learned alot from the leads and am encouraged to experiment more with the idea. Ideally, I would like to run this engine on gas but dont want to change the carb. I'll take some pics of the actual engine I have and post em in the forum. It has a disk near the prop washer which I think I should remove for the ignition system.

Rick, I like the ignition system you recommended. Seems more complete and geared towards what I want to do. I'll try to call them morrow. Thanks again for all the help.
Asim