By hacking out the center of the sentence, you created the ambiguity.
That’s ridiculous. Study some grammar texts along with the Bible.
Here. All nice and tidy and unambiguous...
Of course your sentence can be read both ways.
The Holy Spirit can lead men to Christ through the Declaration of Independence or a trout stream or Maya Angelou or a chiapet or a Slim Jim . . . but never EVER EVER the Magisterium. NEVER!
That sentence can mean...
1) The HS can lead men to Christ but the magisterium can't lead men to Christ. (magisterium here as active noun)
Or
2) The HS can lead men to Christ but not to the magisterium. (magisterium here as objective noun)
As you noted, words and their meanings matter. And words of Scripture matter the most.