First of all, you would not take the magneto all the way off. You would just remove the cap. I've not worked with too many IH magnetos, but on most mags the points would be visible when you take the cap off. I use real fine emery cloth; others would say just a piece of of card stock or something similar. Running it between the points several times should remove any corrosion and shine them up good.
To check the gap you would need a feeler gauge of that thickness. Turn the engine over till the points are open, then use your gauge to see what you have. But before doing that, I would just clean them up first and try that. If it starts then, don't worry about the gap--it's probably OK.
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Today's Featured Article - The Day Mom Drove the 8N - by Brian Browning. My Dad was wanting to put in a garden but couldn't operate the 8N and handle the old horse drawn plow he had found and rigged up to use with the tractor. Well, he decided to go get Mom out of the house and have her drive the tractor while he walked behind the plow. You got to understand that while my Mom is a hard worker who will always help whenever she can... she had never operated farm machinery before that day. Dad got her out there, explained how the clutch was the same as in our o
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