Your ignition questions...
Hi,
Here's some basic igniton info. Your magneto consists of the flywheel with the magnets in it, and the coil mounted close by as you noticed. This unit generates it's own electricity and fires the coil to produce spark. Works fine, except it's heavy and hard to hand start. (Likes to be "winged" over pretty good to generate a good spark.)
Your other option is the CH Ignitions battery system. With this system, you do not use the flywheel nor the original coil. This is a battery operated system. You will have a special hub with a magnet in it in place of the original flywheel. This is also where you will mount the prop. The prop hub with magnet in it will also have a sensor mounted close by. When the magnet passes by the sensor, it will trigger the ignition. The rest of the system will consist of a battery, a switch, and the ignition module. The ignition module will have the spark plug wire coming out of it.
This all sounds more complicated than it is. The box, (ignition module) has a three wire bundle with a connector on it. This connector plugs into the corresponding connector on the wire from the sensor mounted near the magnet hub. The other two wire set goes to your battery/switch setup. That's it! You will have to have a separate battery solely for the ignition; you can't use your radio battery for the ignition.
Hope this helps,
AV8TOR