It’s a red Led which has a 2 volt forward drop 20 ma around 5 mm in diameter..I would think that any LED would work in this application as the voltage produced by the mag is higher…also in series is the 120 ohm resistor I would say you could go as high as 200 ohm but if you want a good visible light stay under 200 ohm
The magneto is low tension spark and the resistor limits current to the led .. I think I measured the voltage from mag to be around 8 volts AC ..that’s why it’s called a low tension circuit
