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I don't know what year make model, but if the wires aren't connected to anything they don't have a job to do. Ideally, if you put on an aftermarket ignition system with a carb'd motor, you will need power to the auto choke, two wires from the dist and two wires to the coil and that's it for the motor.
It was a bit of both really, had a wire that was broken (hot from the solenoid, made noise somewhere when I touched the ends together) before I found that wire if I hooked the solenoids up to vaccum it'd kill the motor. Got that wire twisted together and solenoids plumbed and it was SOOOOOO much better, kinda difficult to get the tuning right with open header though.
The next task is getting everything routed neatly and getting some longer vaccum line for the brake booster(standing on them with 33s and no power brakes is interesting to say the least).
I have to say, with the little testing I did in my driveway tonight, it seems to have a better power curve, not sure what the 2bbl will do for milage though.