We have that \[\begin{pmatrix} 1 & -4 \\ 1 & 2 \end{pmatrix}^{-1} = \frac{1}{(1)(2) - (-4)(1)} \begin{pmatrix} 2 & 4 \\ -1 & 1 \end{pmatrix} = \begin{pmatrix} \frac{1}{3} & \frac{2}{3} \\ -\frac{1}{6} & \frac{1}{6} \end{pmatrix}.\]Also, \[a \mathbf{M} + b \mathbf{I} = a \begin{pmatrix} 1 & -4 \\ 1 & 2 \end{pmatrix} + b \begin{pmatrix} 1 & 0 \\ 0 & 1 \end{pmatrix} = \begin{pmatrix} a + b & -4a \\ a & 2a + b \end{pmatrix}.\]Thus, $ a + b = \frac{1}{3}, $ $ -4a = \frac{2}{3}, $ $ a = -\frac{1}{6}, $ and $ 2a + b = \frac{1}{6} $. Solving, we find $ (a,b) = \boxed{\left( -\frac{1}{6}, \frac{1}{2} \right)} $.