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 - Timing Your Magneto Ignition Tractor - by Chris Pratt. If you have done major engine work or restored your tractor, chances are you removed the magneto and spark plug wires and eventually reached the point where you had to put it all back together and make it run. On our first cosmetic restoration, not having a manual, we carefully marked the wires, taped the magneto in the position it came off, and were careful not to turn the engine over while we had these components off. We thought we could get by with this since the engine ran perfectly and would not need any internal work. After the cleanup and painting was done, we began reassembly and finally came to t
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