the unidentified device is the voltage regulator. That tractor had a stator under the flywheel and magnets on the flywheel to make it work. The two small white wires go to the stator.
While there are different types of switches for garden tractor they fall into two categories. Battery ignition and Magnito ignition. They will use the same plug on many but on the battery one when turned on it provides power to the coil. A Magnito system the mag produces it's own power and doesn't draw off the the battery. When the key is turned to the off position it grounds the system out.
Any auto parts place should have an outdoor power equipment book and should be able to get you the correct switch for it.
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Today's Featured Article - New Life for an Old Allis - by Tyler Woods. My friend Jon, has an old '39 Allis Chalmers B. He thought it a marginal tractor that had long since served its time. She smoked terribly and never had much power but he couldn't afford another so he was limping along with what he had. Jon's Allis has a small front loader and though it doesn't carry much, it serves his needs. It was the hard starting and low power that made him think it was time to replace the old girl. Jon called me to help him discover why his tractor wouldn't start
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