I love them old engines! I have been recently devouring a stack of Gas Engine Magazines given to me by a friend. They have a lot of write-ups on hit and miss engines. Good luck with your restore!
http://www.gasenginemagazine.com/links/
"In the days before rural electrification and modern tractors, the one-cylinder gas
engines were used to power everything from well pumps to threshing machines. Rich's
gas engines were used to power corn huskers, saw mills, apple paring and coring
machines, and even household washing machines. The engines and the various
appliances they powered were sold through the Sears Roebuck and the Montgomery
Ward catalogs.
They were called hit-and-miss engines because they only fired when the engine's
flywheel slowed to a point where another power stroke was required. The resulting
exhaust sound was irregular, sounding like backfiring-spaced far apart when the engine
was coasting, and spaced close together when the engine was under load. The
flywheel powered a best that drove the tool or appliance. " --copied from
http://www.irm.org/news/briefs/archive/09029902.txt