The engine and the main gearbox should be filled with a straight oil, 40 weight is ideal. Do not use a multigrade as these have detergents which keeps any dirt in suspension and as the engine only has a strainer filter (not a paper filter) the suspended dirt would return to the bearings and cause early failure.
Air filter can use a modern oil 0w15 or a 5w20 (lighter the better)
Side drive gearboxes, hubs, load rollers etc. need an SAE 140 oil. (Hypoid is OK)
Following on from the spark plug comments by Rhys the plug, lead and plug cap must not be the resistor type. Copper cored cable is best for a magneto engine.
Neil