Lance that carb on the MTD you should be able to find a rebuild kit.
A lot of them get junked just for either set wrong,or rusty flywheel.
The half steering wheel is a rarity nice find !!
Just guessing the mag just may need the shroud taken off and sand the flywheel and the mag pickup to get spark. Another thing to check is the little rod in the block that opens the points if you have to go that far may be worn too short and not opening points.
It would make a great racer .but I don't want to see you hurt as my son was, we had a bad scare.
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