subscribed.. cuz i want to rebuild an 046 someday.. i dont know about electronic modules on 046, but in the older cars where GM first started using electronic ignition modules, when i lost spark, it was always the module, it is very possible to get a bad NEW module.. i bought two new NOS coils for the 08s im rebuilding... secondary coil on one was bad and the primary on the other was bad .. it happens..
i would think that if your getting spark and you put some fuel in there that you would at least get a pop, it may be that the fuel is just to puddled ...try some starting spray to see if you get at least a pop...
like mentioned above if you have a weak spark outside the cylinder , when you pull on it the compression inside the cylinder could actually blow out the spark... i see this happen in 4 cycle engines when turbocharging, sometimes we have to upgrade ignition coils cuz they cant maintain spark under load and high compression scenarios.. i know it sounds crazy
the faster the wheel spins the more spark energy the plug sees, i read that electronic ignitions need more rpm to get good spark, im not sure if thats true...i try to stick with points style saws only if i can help it.
i feel you on working on stuff others have had their hands in, it can be a nightmare. trouble shooting without it in front of you is a difficult thing cuz you never know what was actually done or not done ...i dont see a flywheel magnet going bad..or at least ive never seen it.. the magnets would have to lose their magnetism or maybe even something crazier like pole inversion which is just super far fetched..unless its one of those years when the earths north and south pole invert LOLOLOL
dang it, i was hoping the 046 was a points style ignition cuz i prefer that over electronic.. uggg i may not want to do the 046 after all.