Nice find especially with a creeper gear!!
I had a coil do that once on an old tractor... same situation... battery charger on kill with the key on and apparently the points were closed. Not a good situation!! 
Glad the hot oil didn't get on you... that would've burnt like heck!! 
__________________
Jay
40 years of Using and playing with IH Cub Cadets!
Proud owner of the following:
Cub Farmall, Super A Farmall, Original, (2)70's, 72, 100, 102, 123, 105, 125, 127, 108, 128, 1450, (3)782's, Yellow 982, 1782, "Sam's" 2182, M Farmall and a #7 trailer
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