In a recent publication [arXiv:2010.14579], we introduced a new type of atomic magnetometer, which relies on hydrohalide photo-dissociation to create high-density spin-polarized hydrogen. Here, we extend our previous work and present a detailed theoretical analysis of the magnetometer signal and its dependence on time. We also derive the sensitivity for a spin-projection noise limited magnetometer, which can be applied to an arbitrary magnetic field waveform.