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While you can go the route of swapping in a Ford Duraspark (OEM) ignition system from a newer model truck, a cheaper and easier route may be to install a Pertronix ignition in place of your points. These are available from a number of different sources, and are widely popular in the vintage Mustang circles as they provide the accuracy and reliability of electronic ignition while retaining the stock distributor (with its stock appearance). I swapped one in several years ago to replace the points on my '70 351C Mach 1. Even with using a remanufactured distributor, new points, and a dwell meter to adjust them I never could get the engine to rev over 4000 rpm without stumbling. After the Pertronix upgrade, I can't believe how much smoother the engine runs, and it'll pull to 5500 rpm without missing a beat. Since then, I've also installed one on a 240 CID I6 in a loader at work. Same results - couldn't be happier. I'll never run points in ANYTHING as long as the electronic upgrade kits are available. They sell, on average, for around $70 and are very simple to install, replacing your points and condenser under the stock cap.
This Hennessey Takes the Expedition Tremor's Off-Roading Capability to the Next Level
Slideshow: The VelociRaptor Expedition gains a lift, upgraded suspension, Brembo brakes, and trail-ready equipment while retaining the stock 440-horsepower EcoBoost V6.
Rezvani's Latest Post-Apocalyptic Monster Is a Ford F-150 Raptor Underneath
Slideshow: Called the Fortress, the 850-horsepower pickup combines Raptor underpinnings with military-inspired features, survival equipment, and a starting price of $285,000.