For the alternator part you can get a view of what the alternator looks like and how it mounts from the link below. The engine is to a HMSK80 from around the mid/late 80’s. The alternator has a wire about a foot long that runs behind the flywheel and cowling. It’s got a connector on the end that would plug into the wire connector from the light.
http://www.partstree.com/parts/?lc=tecumseh&mn=HMSK80-155527V&dn=EHMSK801155527V-EN
>>how expensive
The alternator above is $55 new. A new light would be pricey also. Used parts off Craigslist would be much cheaper.
>> and big of a job is it
Not so difficult. Remove cowling, flywheel, install the alternator, mount the light which would involve some minor fudging, if needed install matching connectors on the alternator and light wires.
>>parts do I need?
Not sure if all HMSK’s have the mounting holes for the alternator or if all flywheels have room for the alternators but they probably do.