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http://www.davessmallbodyheis.com Will convert your tachdrive distributor into an HEI. Or as BSeery said convert it to electronic ignition, an interesting one is the Crane XR-1, it is inexpensive ($65) and has simple rev limiter built into it.
If you decide to convert your old distributor, please check it out and make sure it is in good shape, shaft not worn and the gear properly shimmed. It will make a world of difference in the way the car runs.
Replace your coil with one of the high voltage coils.
If you take a worn out points distributor and put new points and condensor in it, it'll run rough.
If you take a new HEI distributor and put it in, the car will run and idle a lot smoother.
If you take a rebuilt correctly shimmed points distributor and put in new points and condensor, it'll run just as smooth and good as the HEI.
The only advantage HEI has over stock points is that you don't have to change the points ever few thousand miles and adjust your dwell.
At higher rpms the points and HEI (stock) will give up the ghost just as badly, that's why MSD and other offer electronic ignition upgrades.
I replaced my points and condenser with Pertronix Electronic ignition using the stock distributor. I just made a 400 mile round trip to Ocean city Maryland, participated in a poker rally and gimmick rally, Board walk Parade and Car Show, the car did'nt miss a beat. Seem like I have better throttle response and smoother idle also, it may be the points were just worn. Ive been think of having Lars rebuild my Distributor when he does my Q-Jet this winter, but the Pertronix is working great and don't know if it would be worth it. Maybe somebody else who has had Lars do a rebuild on their distributor could weigh in on this?
1972 350, TH400, Edelbrock Performer intake, Hookers w/2.5" dual exhaust w/Dynomax Super Turbos, Pertronix Electronic ignition & wires w/Rapid Fire Plugs. To Come: Lars-burator
Aside from what everybody else had mentioned...
About 2-4 years ago, either CHP or Hot Rod did a drag strip comparison of the MSD ignition VS HEI vs points.
They used a '69 camaro, and all three 1/4 mile times were within a 1/10th of a sec.
Funny part is, as I recall, the points distributor had the highest trap speed, and the best e.t.
My suggestion would be to get a simple HEI unit with a performance coil and module. No real need for the multi-spark electronic stuff, if you've got a good coil and a decent set of wires, along with an aftermarket performance ignition module.
Unless you've got the money to throw around, a brand new billet distributor, IMHO, is overkill.
I went with the Breakerless SE kit from Lectric Limited. Uses the one wire that exists with current points. Installed it July 4 weekend and will do a thread on the installation soon. Been running great!