Definately, sorry spanko you're right. See what you have, read up on it, then use it. I don't know how much to put in a bucket or a gallon since I don't know what you are using. Also see if it is iodine or iodide, i used iodide and from what i've researched they are similar in nature, just iodide doesn't lose it's potency after time (again just what i've read i still don't understand the difference fully).
Check what you have, read the directions, and go from there. And depending on the solution will depend on the length of the dip, i've read people suggesting 10 minutes, when i spoke to my lfs he said only about a minute or two at most.
Once you dip the ENTIRE coral in the solution swish it around to ensure it gets in all the crevises, then dip it in another solution of just saltwater (same SG as your tank). Move it around again to get all the extra iodine off then place back in the tank. You should notice almost right away that the coral will slime up and the sores will actually have like a whitesh hugh to them (kinda like a sore on you when you put poroxide on it).