Hi Gizmo,
I know absolutely nothing about Victa ignitions, or Victa engines for that matter. But I recently purchased a Victa Mayfair which shows strong spark on testing, and compression seems okay, so I am considering renovating this one.
I mainly work on Southern Cross and Brigg's engines. I hope to get into Villier's some day. I started pulling one of the engines apart recently but soon found myself in very unfamiliar waters. Decided to put it all back together and leave it for another day. I'll have to get hold of the manuals and study them in some detail first.
I won't touch anything with a 10 foot barge pole that has Kirby, Lauson, or Tecumseh as a brand name. I only have to look at them sideways and they either break or stop working.