I will preface this by saying that I am new to algebraic geometry, but I am somewhat experienced with category theory.
I'm just reading the introduction to Milne's notes "Basic Theory of Affine Group Schemes". He uses the functorial point of view here, so I am viewing an affine scheme over $K$ as a representable functor $X: K\mathsf{Alg} \to \mathsf{Sets}$, and a scheme is likewise defined as a functor satisfying appropriate gluing properties. We can think of some general functor as a generalized scheme.
In section I.3 he has a subsection titled "The canonical coordinate ring of an affine group" but I noticed that his construction seems to define a canonical "coordinate ring" for every sort of "generalized scheme", not just affine group schemes. Indeed, if $X: K\mathsf{Alg} \to \mathsf{Sets}$ is a functor then $\mathrm{Nat}(X, \mathbb{A}^1_K)$ is a $K$-algebra (with operations defined pointwise), since the affine line over $K$ is the forgetful functor $\mathbb{A}^1_K: K\mathsf{Alg} \to \mathsf{Sets}$.
So we have a functor $\mathsf{Sets}^{K\mathsf{Alg}} \to K\mathsf{Alg}$ defined by $X \mapsto \mathrm{Nat}(X, \mathbb{A}^1_K)$.
Moreover, we have an obvious natural transformation $\alpha: X \to \mathrm{Spec_K}(\mathrm{Nat}(X, \mathbb{A}^1_K))$, where $\mathrm{Spec}_K$ here is just the contravariant Yoneda embedding (since I am thinking of affine schemes as functors rather than ringed spaces). This natural transformation has components $\alpha_A: X(A) \to \mathrm{Hom}(\mathrm{Nat}(X, \mathbb{A}^1_K), A)$ given by $x \mapsto (f \mapsto f_A(x))$.
My question is:
Is it reasonable to call $\mathrm{Nat}(X, \mathbb{A}^1_K), A)$ the coordinate ring for any "generalize scheme" given by a functor $X: K\mathsf{Alg} \to \mathsf{Sets}$? If not, what should we call this?
Is the functor $\mathsf{Sets}^{K\mathsf{Alg}} \to K\mathsf{Alg}$ mapping $X$ to $\mathrm{Nat}(X, \mathbb{A}^1_K)$ adjoint (on the left or right) to $\mathrm{Spec}_K: K\mathsf{Alg}^{\mathrm{opp}} \to \mathsf{Sets}^{K\mathsf{Alg}}$? My guess is that it is the left adjoint to $\mathrm{Spec}_K$.
Is there a name and interpretation for this natural transformation $\alpha_A: X(A) \to \mathrm{Hom}(\mathrm{Nat}(X, \mathbb{A}^1_K), A)$? I can see that $X$ is an affine scheme over $K$ if and only if this is an isomorphism. But what if $X$ is not affine? How do we interpret this?