I dropped a washer in the transmission while changing the bands and had to remove the hogsheads. I noticed that 2 of the rectangle plates were gone on the magnets. I found both plates behind the mag ring and one of the bronze screw heads. Is it okay to run it like this? I have a Truefire so I don't use the magneto.
Robert, you don't want to risk the damage that can happen if something else comes loose in that transmission. If things are falling off the magneto, what other damage might have been done?
Sooner or later it's going to come apart, either by itself or with your help. It's best to take the time now and do it so nothing else gets broken, including your legs. You can put paddles in place of the magnets.
I would recommend either repairing the magneto or removing the magnets. Those keepers on the ends of the magnets do serve a purpose. Those posts above indicate what might happen if a magnet breaks or comes loose.
This coming from the guy who cranks right handed, refuses to use an air cleaner or outside oil line, and still uses the 'above the axle' wishbone......There's no way in L I'd start that engine back up even once without a re-doing that flywheel.
I've seen pictures of what can happen. You're riding a ticking time bomb.
You ask "Is it ok to run like this?" NO!!!!!
Robert don't do it I had one come apart in the driveway. Pull the engine and fix it right.
Some more perspective...
Heed the warnings!
You said: "I have a Truefire so I don't use the magneto.
Maybe you don't use it, but the mass of metal is still spinning, and may lead to some bad results...
look at some of the pictures in this thread: