I don't how I just ran across this.... But anyway there is a guy on you tube who made his own HS50 lighting set up using the original cast iron flywheel by adding more magnets. The video is titled "lighting coil hs50". Several questions come to mind but judge it for yourselves
I made a couple of them a few months ago....that's was what I was using that new HS50 I have for sale currently to test them with
I think the youtuber actually bought one of my spare NOS alternators to build it with off ebay or facebook or somewhere. I got that idea from a kit that Ruppparts used to sell (but someone that used to be on here actually made them and where I got it since Brandt went kaput) He has his own style magnets that are different than the factory Tecumseh ones and I don't know if his alternator is custom wound or just a factory unit that is refreshed.
This stuff only works with solid state/electronic ignition engine where the coil is outside of the flywheel. The points style setup has some pretty critical setup so I dunno how you could pull that off unless you you got the magnets from a donor wheel. I made a template off an original lighted flywheel I had in stock for the ones made so I had spacing correct and used the OG wheel to verify orientation of the magnets etc..
Heres the kit they used to sell (mines wired for pre 1970 so its got the 2 wires that come out the rear of the engine)
Sorry to OP, as none of this stuff will apply to your situation.