Which size head bolts you got? If they use a 1/2 socket they are 20-22 ft lb and if use a 7/16 socket they are 14-16 ft lbs. You start in center and work yer way out. Torque in in 2 steps...if 20 ft lbs first time at 10 the final at 20ft lbs..
The loose magnet is not going to cure the fuel delivery problem, rebuild the VRO. Also make sure the cooling system is 100% as this is the big bore 175 with thin sleeves. The slighest overheat and you got a rebuild on yer hands....
If engine internals are in mechanically good shape, no. Reason being that when piston starts down stroke the crankcase pressure will push them shut. Also it wouldn't idle worth a dang if reed/s stayed open.