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 - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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