By gravity furnace, I'm assuming you mean a central hot air unit without a blower.
Are you talking about something else?
Check the voltage being applied to the valve (with the valve in the circuit) with the stat calling for heat, then compare it to the output from the thermopile.
If it's the same or similar, power being applied to the valve - likely bad gas valve and not worth fixing something so old. Parts likely unavailable, existing setup likely doesn't have a pilot shutoff and would have to be updated to a modern combination valve setup.
Wouldn't have safety approvals so if anything happens you may not get insurance coverage.
If there's no voltage or it's not the same, have to check the thermostat circuit. disconnect wires go to the stat and with it calling for heat, ohm it out.
mv systems are very sensitive to resistance and a marginal connection can cause failure to operate.
If you have the money, really, best option is to get a new heating system even you can fix it for now. What you have is probably 50% efficient at most and not very safe.