If you have an inductive coil available of the same form-factor (or you are confident with a drill!) it should work. The traditional 'spark plug earthing strap kill switch' will still function or you can use the connector on the coil to an ignition switch (remove/insulate the original lead to the points) earthing this turns off the coil. I would recommend any modifications needed to be made to the replacement parts so you can return the engine to standard should this be required in the future.
What does 'Someone' say they swap the magnets with? Chickens?? Never had to swap mags on any flywheel I've upgraded to solid state.......
ratchild
March 2009