Oil sucks, wind blows.
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The case cover (aluminum) has enough clearance for about 3/8" thick curved magnet and what I have noticed on the 'magneto' ones(dynamo?(snowmobile)) is that they have magnets rather than field coils.something like this--http://cgi.ebay.com/ebaymotors/Yamaha-RD-350-250-DS7-R5-Stator-Alternator-Generator_W0QQitemZ4629917308QQcategoryZ34284QQssPageNameZWDVWQQrdZ1QQcmdZViewItem
except outside the housing.
tiaMike