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I did a points elimination on a chevy distributor years ago...it used a reluctor pickup on the original points plate and used the original point cam on the distributor. There are other kits available that use an optoelectronic (shutter wheel or reluctor wheel) setup...they're all pretty good.
Sparkplug replacement went from 3K to 12K or annually although unleaded gas might have played a part (1973 car in 1975....).
I would avoid a capacitive discharge system for the street unless you get a multistrike system...and it would probably cost more than the street value of your car.....
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