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No, I don’t think so, the key switch is on the “hot” side only; If you want to power anything from the dash (bow light) you’ll need to bring a ground up from the back for that…. I put a fuse in the red wire (after the power take-off on the solenoid) to protect against any shorts in the wiring going up to the dash (or coming back, ie; for the anchor light)
You are correct, on this style magneto system. In fact, it is very important that no grounds be connected to either one of those “m” terminals, or you will melt down one or both of the coils. Accessories such as lights/radio should not be run off the engine harness coming up to the dashboard, a separate harness and fused batter connection should be used.