My argument below is hacked together from pages 5-6 of Davidson's "$C^*$ algebras by example".
Theorem: The multiplicative linear functionals on a unital abelian Banach algebra are continuous of norm 1.
Proof: Let $\varphi$ be a multiplicative linear functional on $\mathfrak A$, and $A \in \mathfrak A$. Suppose towards a contradiction that $\|A\| < \varphi(A)$; by considering instead $A'=A/\varphi(A)$ if necessary, we can assume $\varphi(A)=1$. Let $B = \sum_{n \geq 1} A^n$; then $A+AB=B$, and as a result, $\varphi(B)=\varphi(A)+\varphi(A)\varphi(B)=1+\varphi(B)$, which is nonsense. So $\|\varphi\| \leq 1$. Since $\varphi(I)=1$, that's an equality.
If $\mathfrak A$ is non-unital, it seems to me the early part of that argument still applies, so that $\|\varphi\| \leq 1$. In either case $\mathfrak{A}$ is a subspace of the unit ball in $\mathfrak{A}^*$. We topologize the set of multiplicative linear functionals $\mathcal{M_{\mathfrak A}}$ as a subspace of the dual space $\mathfrak A^*$.
Now weak-* convergence of nets is just pointwise convergence. As a result it's clear that the weak-* limit of multiplicative linear functionals is a multiplicative linear functional. (As is standard in mathematics, the part where I say 'it's clear' is where I think there's likeliest to be a problem.) So $\mathcal{M_{\mathfrak A}}$ is a closed subset of the unit ball of $\mathfrak A^*$; Banach-Alaoglu says that it's compact.
On the other hand, I know that $\mathcal{M_{\mathfrak A}}$ is not compact for $\mathfrak A$ non-unital, but rather only locally compact. So something in the above argument is wrong. What is it?
As mentioned, I think it's the "clear" bit. Because we can extend the 0 functional in a unique way, and every other functional extends uniquely, it seems likely to me that there's a net of multiplicative functionals that weak-* converge to the 0 functional. I'd like to see such a net. (It actually is clear in the unital case: since the functionals have norm 1, they're bounded away from the 0 functional, so this can't happen. They're not bounded away from the 0 functional in the non-unital case, so this is almost certainly the failure of this argument.