Re: Ignition switch
Yes, that ignition switch will work. NOW usually, Magna Power on that engine was a distributor ignition. If it is, wire the switch this way: Yellow to start, green to choke, red to battery, blue to ignition. White is a tach signal and black is common ground. orange is overheat indicator--take a separate red or blue wire from the ignition terminal and run to one side of the overheat buzzer or light. attach the orange wire to the other side. If the engine overheats, orange goes to ground, completing the circuit, and the buzzer sounds. When you turn off the switch, power to the buzzer is stopped.
The two "M" terminals are not used.
If by chance you have a Prestolite non distributor ignition, Blue attaches to one "M" and White connects to the other "M" terminal. This is the stop circuit for Prestolite ignition engines.