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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