Thanks Guys, Gary has it right (seals the shaft that works the points) also seems to "Hold" points spring in place. still looking.......i have "old mowerparts" working on it too.
I don't know how old this engine is but it worked very well with it gear reduction running my home built log splitter. I had a coil go bad several years ago, and ended up "back-dooring" it with a 12 voil coil, resister and battery. Thank You All! I'll keep looking, JoeB (NJ)