This engine has points and condenser under the flywheel. So this is something that has to be good , or the coil will not produce the spark.. Use model(###) ###-####99 to locate parts. the 01 does not work, but 99 will. This is the Briggs L head engine and here is link to a manual on Ebay.
All Briggs are same setup, does this manual show the points and condenser under the flywheel? Your will be same!
See link above, there is a conversion kit , to replace the points, that way flywheel does not need to be removed.
Right hand thread, and if it has the ratchet top, you can use a punch or hammer to loosen the odd shaped retainer, by bumping the outer portion, I don't think it will loosen with socket on hex shaft, but it may. I haven't taken one of these off in years!
Briggs makes a special tool, but I always used a punch and hammer on the outer ears!
No, it is a sealer used to keep the cover from getting dirt in it. Not condenser leakage.
Did you see my link on adding a conversion, so you don't need the points and condenser?