That’s a Magnetron ( electronic, no points) coil. Setting the air gap by the book - turn the flywheel to move the magnets away from the coil.Loosen the coil bolts and pull it away from the flywheel, tighten one. Turn the flywheel so that the magnets are under the coil armature legs. Insert your non magnetic gauge between the coil legs and the flywheel. Loosen th holding bolt so that the magnets pull the coil to the flywheel. Tighten both bolts and rotate the flywheel while pulling the gauge out.
The gauge. I remember that instruction sheet supplied with new genuine coils can be used as a gauge. I use a strip of plastic cut from a milk carton.