Well I went out this evening and played with it a little and low and behold, the old gal started. It also seemed to run pretty well too. It had been missing under load going up hills.
Here's what I did. I took the magneto off the tractor and set number one to fire. I then played with the magneto to get it to about the place where the spring has just let go. (Figuring that was where it should be when fired) The I but the router so it was pointing to the fire lug and put the two pieces together, but the magneto back on the tractor. (And since everything meshed there, I figured I was at least close.) I then adjusted the magneto so the router was pointing directly to the fire lug, put everything back together and it fired right up.
(Geez I'm getting long winded)
The one problem I noticed was the ear on the bottom of the magneto is broken, so I'm guessing the fine tuning I did will eventually vibrate out of sync. So do you all think the is worth replacing the Mag or is there away just to replace the housing?