i had one of those mowers and you just cant stop the! best mower the 70's produced in my opinion.
they are points ignition (at least if its the one im thinking of) so that could be your problem. otherwise a flywheel and even electronic ignition magneto shouldn't cost much second hand from the right mower shop.
flywheels very rarely loose there magnetism but in some circumstances its possible. before assuming the flywheel is the cause (very unlikely in the scheme of things)its best to rule out the coil and points. if you would like the procedure for checking points posted im happy to do so.
regards jay