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As a Gold to Silver (USMC to ANG) guy who is now a part 121 guy as well, I would put like this.
IP in the AF/airlines very different than Naval Aviation/Army. You need to think about how you would explain it in the interview, military or civilian. If you are designated to teach and write a grade sheet on someone in a formal syllabus, one could plausibly call that being an IP. Also, how did you log it on your time sheet. Possibly a gray area to AF and airlines who have very specific definitions of IP/SEFE/Check airman. USMCFLYER did a good job of explaining the Gold side. If you are authorized to evaluate a checkride such as a Form 8 or Natops/Inst, consider that to equal a check airman in the airlines or SEFE to AF. If you are authorized to evaluate an Upgrade to flight lead, NVG, something tactical, sounds like IP and not SEFE. Some very fine lines here. My advice is to be conservative and be able to explain it to their satisfaction. I have interviewed several Army types for Guard positions and it was never that big of a deal. I definitely would not try and overinflate or oversell myself. When I interviewed with the Guard there was a former Navy guy in the unit who acted as my translator. He was like the old lady in the movie Airplane who says, "Yes, I speak jive."