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"Did you get my e-mail?" - "The biggest problem in communication is the illusion that it has taken place" - George Bernard Shaw, 1856
I don't know what a magnetic switch would be used for but "magnetic pick up" is the term most generator mfrs use for the inductive proximity sensor fitted to the flywheel housing to detect the starter gear teeth and this is then used as PWSlack suggests for speed regulation. Less advanced sets use a centrifugal governor which is usually much less accurate. The electronic governor will give >0.5 Hz no load to full load and a mechanical governor will likely be +2/-1 Hz (50 Hz sets)
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En la casa del herrero, cuchillos de palo!