i have not heard of gapping the sensor. i'm really a novice with this kind of detail.
my light was on when i bought the car. a local shop ran the diagnostic computer and found the bad sensor. i replaced it and so far, i've not had the warning light.
the magnet part of the sensor sticks out from the plastic housing like a wand. it maybe 1/8" diameter and sticks out less than 1/2" i did not see any way to adjust it. the way it mounts didn't have any kind of noticable adjustment. i really didnt' spend much time looking at it, to be honest.
i suppose you could remove the old one and spray the tip with brake cleaner and see if perhaps it's just gunked up with brake dust and the magnet isn't conducting like it should?
i backed the car up on ramps so it was good and high off the ground. you really have to crawl back under the car to get at this spot. if you can get all four corners up in the air, it would be even better.
getting the old one out of the hole it sits in was harder than i thought it would be. it has a retaining bolt, but it sits so tight in the hole, that it was tough to get out. i would avoid prying it with a tool, but rather twist it back and forth repeatedly while pulling on it. it's not a terribly solid part and you might break it if you try prying it.
i'm also not entirely sure where the magnet that goes in the axle sits. i'm assuming there is one in the axle because i read a little bit of info on the system before i did the work
hope that helps.