There seems to be some sort of backlash against electronic ignitions, but I've always been happy with the allison/crane unit that my 67 wagon sports. The original owner installed it and I kept it when I became the second owner. I've used it on both my original B18 and my current B20E and have been very happy with its performance.

However, if your distributor is worn all to heck, it might not matter what you do, it probably only has one "correct" setting which is very limiting. The bosch distributors pop up on eBay all the time. You'll probably also find a number of brickboarders with a good spare distributor unit that they'd sell you for something quite reasonable.