Dumping the points ---> Your thoughts

I will answer this question for you.
Of the two you listed above I would do the second one, for these reasons.

The first choice sticks you with a ballast resistor and a standard type coil.
This system is probably not even as good as the original equipment as far as reliability.

The second choice is an HEI capable unit with ALL ignition components inside the distributor except the coil.
With that distributor and an HEI type Ecoil you have true high energy ignition and way less parts and wires.

Again many for your honest opinion Trail :)
I also wouldn't buy something that uses the older four pin ECU module since they tend to burn out if the power to them is low (under 12 volts)
The Designed to drive systems use these dated modules.
Ironically I was leaning towards the OEM style as I,ve had years of experience with them.

Again many thanks for your honest opinion Trail :)
The 8 pin modules are much more reliable.

As far as wondering what was done years down the road, the 8 pin HEI systems are simple plug in parts that can be gotten at any parts house, in most any town, and in stock.
Should the module ever die it would literally take 2 min to change it.
Same with the coils.

The one thing I don't understand is why someone would spend $300 (you'll need a coil) for an ignition system, but that is your choice if that is what you want to do.

Thanks Trail you answered my question perfectly..
As to the wonder why.. At 50+ years of age I'm not keen on chasing down parts in a wrecker and really not interested on breaking down on some hi-way with a use part. 20 years ago maybe but now better safe than sorry.