Clean your dizzy out with WD40 (let it dry a bit before starting it up though) and see if that makes a difference before buying the new seal. Pay particular attention to the Hall Sender. Also, carefully pull the rubber back from the hall sender connector and give it a check.
Couple of suggestions if that doesnt help...
1) When my exhaust was popping it was due to faulty leads, so I would check ignition system as per Danny_P.
2) Once when my timing was out it would hardly rev etc, and pinking occurred, which could be the grating noise your hearing, but I doubt it. Worth a check though.
3) Trouble starting was cured by re-checking all the vac connections and finding one had popped off.