sure.. waste money..... change the voltage regulator.
IT HAS -ABSOLUTELY- ZERO ( 0 ) to do with the ignition..
you can cut the belt to the genny, and wire cut all the wires on the genny and regulator, then start that tractor up and drive away and not have an issue till the radiator gets hot due to no fan turning long before you have power issues with the ignition running on a hot battery.
resistors get hot.. they emit smoke especially when new, as oil flashes off of them.
You unhooked the battery to 'protect' the resistor? Why? have spare time to kill? Turning the KEY SWITCH off cuts power to the coil and resistor assuming you have it wired correctly.
the fact it started up tells you the electrics are working.. Ideally you would have checked spark at moment of stall.
usually when they start and stall it is a lack of fuel issue.
Now.. when you are ready to get this tractor running.. post a thread...
you can strip all the wires off of her, then wire up a couple feet of wire point to point for test purposes and get this straightened out as to whether it is spark or fuel. IE.. diagnose the issue instead of throw parts at it.. or 'guessing' about parts that don't have any bearing ont he situation.
when you are ready to troubleshoot it, let me know. I'll help any way I can.
A roll of black tape and a spool of 14awg wire a few feet long, and a terminal end set, AND a clean carb will make that tractor run assuming you have not changed the timing, have the fire order correct, it has minimum compression needed and a good battery. and the motor and distribuitor internals are within operating tolerances.
soundguy