OK Rex,
A Magneto simple description, is either a moving coil or moving magnet, I'll assume in this case a moving coil, the coil consists of a primary coil and a secondary coil, the primary is wound on an iron former, this rotates through the magnetic field housed in the outer casing, as the iron former is just about to exit the magnetic field (the point of maximum flux), the points open as this happens the primary voltage increases to its maximum, this voltage it then vastly increased as it transfers to the secondary coil, the secondary coil feeds the spark plug via the slip ring and HT lead, the capacitor/ condenser suppresses the amount of spark at the points.
What can go wrong?.
1/ The magnets become less magnetized due to age, symptom, weak spark, even weaker when hot. (Will slowly get worse)
2/ The secondary coil has shorted turns, symptom, weak spark, same hot or cold. (Can continue running for years in this state)
3/ The secondary coil is broken due to vibration, symptom, none, the spark will jump the gap and slowly erode the wire ends until the gap becomes too big to jump. (Call the breakdown service)
4/ The Capacitor goes open circuit, Symptom, burnt points.
5/ The Capacitor becomes leaky, symptom, weak spark hot or cold, (will probably get worse until spark is lost)
6/ In the case of a manual advance unit, the cam stop wears allowing the points to open when the coil is not at the point of maximum flux, symptom, weak spark.
7/ On a face cam magneto, excessive end float on rotor, causes points to open late (after maximum flux) causing weak spark. quality of spark can vary with temperature change.
This is not a comprehensive list of faults available, but are the most common, any good re-builder will address all these problems.
The magnets whether in the case or when moving magnet need a keeper installed if the magneto is stripped for any length of time, so don't buy a replacement case from the autojumble it will almost certainly need remagnetizing.
In conclusion it would be a very foolish man who diagnosed what is causing the fault on a unit he has not examined.