You're wrong about timing control not benefiting a street car. Timing is way more important on a street car than on some straightline limited use car.
You also don't need such a (stupid) large GM-style distributor to be able to use a HEI-ignition.
A simple Mopar electronic distributor can trigger a HEI-module just fine and run without a ballast resistor with a more modern (better) coil.