Re: Oil dripping from magneto wires
If you have oil inside the magneto cover, not just around the outside, then its a good bet your crankshaft seal is a gonner. If that seal is bad it usually causes some poor running conditions, same as if you had a vacuum leak at the carburetor or intake manifold. To get a good look at it you'll have to remove the magnet (rotor) and I found a tool that does a great job. Ace Hardware and others sell a puller designed to remove faucet handles. It fits the rotor perfectly and makes removing it a snap. Like was said previously, watch for the small woodruff key that indexes the magnet to the crank. Don't loose it. If you decide not to use a puller be careful trying to pry the magnet off the crank. You can actually bend the crankshaft because it is only about 5/16" diameter at the point where the magnet goes. Use care and not too much brute force.
Replacement seals are available from several of the sponsors you see down both sides of this page. Good luck.
Age and Treachery Will Always Triumph
Over Youth and Skill & "Charlie Don't Ride"