If your existing coil is OK, then the magnetron kit (which comes with complete instructions). If the coil is kaput, then the new coil (591420). In either case you can disregard the points completely. However, given that the coil is only £13.00 dearer than the magnetron, I would be tempted to buy a new coil.
You will still need the engine cut-out wire though. (unless you enjoy pulling the pulling the plug cap off an engine whilst it’s running of course!!)
If you can get your hands on the B&S Repairman’s Manual for engines 1919 – 1981, it’s a worthwhile investment. Briggsbits sell it in paper copy or, you can usually pick up a CD Rom version on-line for a few pounds. That will (should) tell you everything you need to know.