Ok so the meter reads ~5.4 ohms and the wires coming in and out are black which clearly doesn't line up with the diagram. From what I can tell it has to be either the load resistor or the silicon rectifier but since I don't know what either of those things is supposed to look like i'm stumped.
After following your advice and checking the kill switch ( its working fine), I decided to go through and test continuity throughout every component and junction and after a couple minor adjustments, I'm now getting spark but only when running the blue wire directly from the magneto to ground. But when I tried going through that component before grounding the blue wire, I got no spark.
How important is the load resistor? Am I going to blow my taillight without one? If I do need one, what type/rating of resistor do I need? I can't seem to find the rating labeled in any manual or diagram. Thanks