I think the 321 was a different engine than the 301 (12HP). I thought there was basically four engines in the K series, the 4 HP K 91, than the 141, 161 and 181 (6-8HP) were basically the same engine, the 241 and 301 (10 and 12HP) and the 321, I may be wrong and I am away from home so I can't refer to the parts manual. All the prefixes and suffixes and their meaning are listed in the master parts manual. IIRC the S means it is electric start. The parts manual also gives some definition to the various spec numbers.
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Today's Featured Article - Museum Coverage: The Stuttgart Agricultural Museum - by Cindy Ladage. While cold wind was blowing back in Illinois, in Arkansas, daffodils were in bloom, and the Magnolia trees were adorned with fragrant blossoms. Stuttgart, Arkansas was the site of this year's winter Minneapolis Moline Collector's show February 25-27, 1999. The show was held at the Oliver Museum created by Don Oliver, the pioneer of the four wheel drive tractor. Oliver along with Gale Stroh and Kenneth Bull using Minneapolis Moline tractors and parts created what has become known as
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