The magneto would have a coil under the flywheel. There is one wire running from the key switch under the blower shroud to that coil that is grounded when the key is off and open when the key is on, and one wire running out to the points.
The battery setup would have an automotive style distributor coil hanging next to your carburetor, with one wire running from the ignition switch with power when the key is on, and one wire feeding your points. This is the most common tractor setup.
The breakerless setup on a K301 would have been a chip that you insert into the breaker points cover after you throw away the points. There is no points gap on this setup.
If it is magneto, I would drop the "R" for resistor and run straight H10C's. I would probably do that on a battery ignition tractor, too.
I've just got a bone to pick with resistor plugs I guess.