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Nothing to it. Get a Pertronix for about 60-70 bucks from any performance catolauge and you put it in like a set of points. First, you take off the points. Then you put a magnetic coller around the shaft under the rotor button. Then you put in the little black box where the points were. It comes with a little guage to set the distance from it and the collar, then tighten the screws. Put the red wire on the + side of the coil and the black on the - side. Close the hood and never change a set of points again. I got one for Christmas and had it in within 15 min. in my 72 F100 302. If you had a chebby, you would have to climb on top of the motor because someone along the line thought that the back of the motor was a good place for the distributor.
Fords dont leak water to be sprayed!! Besides, I have never had a problem with this. It just gets on my nerves a bit. But it does make it easier to make a quick ID, along with port locatioins...
well, it is easier to maintain, as there are no points to get condensation on. As for performance, a small boost at highway speeds, but I really noticed a difference after I set the base timing to around 8*- 10* (as opposed to the valve cover stickers reccomended 6*). But watch for detonation.