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Electronic ignition is very nice addition as discussed. Either a Crane XR700 setup can be obtained for around $100US, or go with a original Bosch setup from '75 B20, a little harder to find and fetches a premium price because it's the only year B20 that came with electronic ignition (I've seen them go for $100-$150US range). I've used both, and never had an issue.
Fuel injection is very nice. In the last couple of years, I went from running a B18 twin SU carb, to a B18 downdraft Weber, to a B21F single SU carb (B21A setup), to finally to a B21F Megasquirt electronic fuel injection in my '65 122. Every step made it run a little better, but the EFI setup -> I can't believe the difference in power and acceleration.
A lot of work, but it was worth it. I had to modify the gas tank, added a surge tank, a main fuel pump setup from a '85+ 240, and the hard plastic fuel line from a 240(I'll post some pictures). The engine back might give you some ideas if you go with fuel injection, and here's a link to a B20 fuel injected 122 using Megasquirt:
http://www.southroad.net/ms/
Hope it helps.
Paul
BTW- I purchased the surge tank from Tweakit in Australia.
(http://www.tweakit.net/shop/index.php?cPath=40_29)
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