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Your single point distributor will work fine., I like to use the HP points to prevent bounce but at your RPM range they really aren't required. It may very well need rebuilding since it's 30+ years old and the bushings wear out. This could be a can of worms IF you do not have a clear plan and budget in place. There is no mention of the mileage on the motor so the bottom end could need some refreshing. So it doesn't really make a lot of sense to spend $1,000 on the top end if the rings and bore are worn out.
If the goal is to spend the minimum amount, a cast iron head upgrade like a set of 180cc Dart Platinums with 64cc chambers and a new cam will make a significant difference for you. The stock intake will be fine to use for now as well.
Last edited by Scott Marzahl; Jun 23, 2007 at 03:03 PM.