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I keep a spare HEI module too... had 2 fail on me in 6,000 miles... beefed up the wiring to the HEI and ironically after the last advance auto one failed I used a middle of the road ebay replacement a few years ago and all seems ok now.
I used to keep a set of points in my old vw kit car too because I didnt trust that pertronix module but it never failed on me. Used to read of failures on the samba forum all the time though. My stock 74 distributor had a very old looking functioning pertronix in it but I replaced the distributor with an hei when I replaced the engine after driving it home.
Leave it to GM to put an electronic module baked in engine heat underneath rotating high voltage switches.
Glad you found the problem. I had a Pertronix II fail on me year ago. I swapped the points back in on the side of the road and kept rolling.
Sure seems like there are a lot of failures out there with these points conversions to electronic gadgets. Smart idea to carry a set of points and condenser just in case!