As others have said, putting a hot wire to that screw on the side of the mag may or may not have toasted the coil inside the mag.
In the ordinary congiguration, the purpose of that wire is only to ground the mag out to stop the motor by closing the switch circuit to ground. With thaty circuit open the wire does nothing and the mad is free to generate its own fields to make the spark.
The only time you can put a hot wire onto that screw and get it to run is if you've disconnected the wire from the internal coil of the magneto from the points and condenser (that screw goes into a double threaded fitting that fits over the terminal on the condenser). Even that requires an external ignition coil between your hot wire from the battery and the terminal on the side of the mag, and routing the center "coil" wire from the cap to the external coil instead of the magneto. It sounds makeshift, but it's a workable solution that's seen occasionally. The effect is to use the distributor mechanism of the magneto unit, but isolate it from the magneto itself (the magnets and coil) and use an external coil to build the field you need to make a suitable spark.
It's a long shot, but might you have somethin' like that on there, a magneto body, but an external igntion coil somehwere in the area?
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Today's Featured Article - New Hitches For Your Old Tractor - by Chris Pratt. For this article, we are going to make the irrational and unlikely assumption that you purchased an older tractor that is in tip top shape and needs no immediate repairs other than an oil change and a good bath. To the newcomer planning to restore the machine, this means you have everything you need for the moment (something to sit in the shop and just look at for awhile while you read the books). To the newcomer that wants to get out and use the machine for field work, you may have already hit a major roadblock. That is the dreaded "proprietary hitch". With the exception of the
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