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The wire should go to a kill switch button on the handle to shut down the engine by grounding the coil. Location of the switch depends on the model. One port is an air vent. It goes from the bottom of the tank to just inside of the fuel cap. The other port is the fuel feed to the carb. More than likely it will need a new carb diaphragm to run or run correctly. Check the air filter BEFORE trying to start it. If it has that old crusty material inside, it will need to be thoroughly cleaned out. Otherwise it will be sucked into the engine. Not good. If you use the search feature you can find other threads on the Drillgine drills. Here's a link to the search results for "Drillgine" in topics only. There are threads on the early reds and later yellows https://myoldmachine.com/search/?q=drillgine&quick=1&type=forums_topic

As best as I can tell this is a first generation drillgine with the O&R type 100 3/4hp engine (serial 013352). I bought this drill a while back. It was seized up tight. I tried my best to save this one. It sat in my heated ultrasonic for three days vibrating away. I even went to the extent of putting the crankcase in my lathe to cut the cylinder off to save the piston and rod. Sadly the engine was too far gone and it was not meant to be. When my parting tool grabbed the port on the steel liner the crankcase got pulled out of the chuck on my lathe and bye bye went the crankcase. I was able to save the crankshaft from this mess. I am not going to get around to this project anytime soon so I figured I would offer it up for parts should someone be needing them for their drillgine, or if someone wanted to be ambitious and rebuild this one. I did find one repair on the drill which actually looks well done. The drill case has been tig welded up and someone added a little bent steel bracket to better support the handle. I realize this is not in great shape, and I am not looking to get rich on it. I will ship this drill anywhere in the USA. Please send me a private message if interested with your offer. Thanks Chris