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Yeah, can’t imagine the log strike is related to the mag plate issue. This issue will have to be dealt with, even though it may not be the actual cause of the problem you are experiencing…
Start with replacing the plastic del rin bushing under the mag plate, part number 322435. While the mag plate is off, have a close look at the brass busing on the mag plate along with the aluminum pilot bushing on the block. You are in trouble if there is wear in either of these areas. You can try to replace the mag plate, hopefully that and a new del rin bushing will resolve the slop issue.
It is extremely important to lube these pieces properly during installation. The brass bushiing is lubricated with the OMC moly lube. The best lube for the plastic bushing is plain old outboard oil, just squirt a bit of it on the new plastic bushing and spread in liberally outside and inside the groove of the bushing.
I suppose the lower retainer plate (that is screwed to the block) could be worn, although unlikely, but have a look at it anyway. Be sure to use a few drops of loctite on the four screws holding the retainer plate to the block…
For now, you should test the sensor and charge coil under the flywheel with an ohm meter. It might be best to replace them even if they test OK if the flywheel has beat them up, you will have the mag plate all apart anyway.
Again, this mag plate issue may or may not be causing the problem. But, you need to start here. Have a close look at the wiring under the flywheel, perhaps it is chafed/damaged creating an open/short circuit when the mag plate is advanced. The new sensor and charge coil will have long leads so will solve any wiring issues that may be present. Please do not just try to “splice these components in place using the existing wiring”….
This engine does have a little alternator, so you will need to check that stator wiring with an ohm meter also. May as well replace this component if the flywheel has beat it up as well. Finally, you will need the alignment ring to make sure these components are properly positioned during assembly. The new components will rub on the flywheel if set “too far out”, ignition and alternator outputs will be low if the components are set “too far in” from the flywheel magnets.
If all this sounds like too much of a project, I’m sure you can find a decent used mag plate assembly on ebay….