The information John T gave you is on the right track. However, some of the details (proper lag angle and how to set it) depend on what model magneto as well as the application. I don't believe you have mentioned a model id for the magneto. Most letter series IH tractors call for a 35 degree lag angle. If your timing gear marks are all in line, with the engine at TDC, the magneto drive lugs should be 35 degrees above horizontal oriented at 2 o'clock 8 o'clock. Lag angle setting in the magneto will have an effect on whether you can properly mount it.
This manual covers 3 Wico magnetos, each considerably different from the other. If yours is covered, good. Otherwise it may call for some more digging.
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Today's Featured Article - Talk of the Town: The Saga of Grandpa's Tractor - by The following saga is from the Tractor Talk Discussion Forum. Someone. The saga starts with the following message: Hey guys I have a decision to make. I know what you all will probably suggest and it will probably agree with me way down inside, but here it is. I have a picture blown up and framed in my "tractor room" of a Farmall M. It was my Grandpa's tractor, of which whom I never got to meet. He froze to death getting this tractor out of the barn to pull a truck out of the ditch before I was born. Anyway my dad and aunt had to sell it at the auction,
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