Thats pretty bizarre! The cap looks like a new day timer (plastic/bakelite with a spring loaded brush) yet theres a set of points (minus the condenser). Hmmm. That may be a dual purpose distributor / timer. The timer for running on the 32 VAC Magneto and the points for a single 6 VDC coil for easier starting.
I think that if the large brass contacts were used with a high voltage coil they wouldnt hold up. The dwell would also be immense, no?
I wonder if that rheostat sets the contact pressure on the rotor/contactor. Is there any evidence of a coil inside the large square part of the frame of the unit like maybe its a self contained magneto?
BUBBA's gonna need to pipe up on this one! Got the cam end gear to drive it? ws