The wires that run under the flywheel are alternator wires.
I really doubt that's the problem. Your engine is an overhead valve design. Check your valve clearences. With the piston 1/4" past top dead center the Intake should be .003 to .005"
and the Exhaust clearence should be .005 to .007"
If your Chilton manual is current it should have the propper procedure in it.
Rick
June 2006