Unless this is going to be a parade, trailer queen, I would use the current ignition system, as is. The current system is quite functional.jimpitz wrote:In addition could this whole assembly be replaced with the IHC breaker point system?
I'm not sure how you are checking the ignition system for the fault(s). Suggest checking for battery voltage, magneto points open, starting at the magneto and working back to the ignition switch and beyond towards the battery. Once you find battery voltage, the problem will be in the previous appliance or wire checked.
Edit: Ignition system fires when the points open. In the above described system problem diagnosis all you have to do is roll the engine over by hand until the pulley TDC mark is a bit, a smidgen, after the pointer. This will open the ignition points.