Hello Everyone my 1st post of 2013

I have a snowblower with an older 8-hp Tec engine. It did not have a spark. I thought no big deal I will replace the coil and I will be away to the races. When I pop-off the flywheel I found that it was a points unit and to my surprise one of the magnates on the inside of flywheel was loose from memory I clued the loose magnate around 40 thousands away from the other magnate. I do get a spark but the engine will not start. At this point I am assuming the timing must be off. What is the proper spacing between the two magnates. Thanks