EDIT// Never mind. After I got over my frustration and went back out to pop off the cowl and start pulling the ignition I found the problem... ignition probe wires melted to the exhaust.

What does the red LED light mean? When I turn on my ignition it flashes once... then I flip and it normally starts soon after. Then today I cant get it to run. I noticed the LED was on constantly so I changed batteries 600 mah 4.8v NiCad (old ignition style). My light went back to one blip at power on but it will not start now. I have only had the engine for a short time but got it used and I think the previous owner was using a 7.4v LiPo on it as that is what he sent me with the engine... Will that burn out this ignition module? Or should I be using the higher voltage even on the older 4.8v ignition?

If it has the Vlach blue wrap EZM ignition, 2xLiPo was way too much voltage and it may be gone.

If it is the MSR potted ignition, a 4-cell pack is way too little voltage. This ignition needs the 2S Lipo or equivalent voltage pack. The ignition cuts out at 6.4 Volts