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Scroll down in the 122 forum & you'll find a brief intro to the 123 electronic ignition & distributor.
That's one option for electronic. Another is the '75 240 (w/B20)optical unit.
If just the cam lobes are worn, you'd probably be satisfied with perlux for a while, until the bushings and advance springs went the way of the cam lobes, if they haven't already.
A third is that if you spring for a rebuilt; order a 1974 Volvo 140 series distributor. You'll get a rebuilt Bosch 007 w/ mechanical centrifugal advance and has a nice curve for low end torque and high rpm efficiency. Quality of the rebuild is a variable, however.
-Sean
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1966 122s, 1970 142s, 1974 142e... Blue is beautiful
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