Distributor: Single Point vs Dual vs with Pertronix vs....

Replacing that wire is part of standard distributor maintenance <grin>. At least, every time I pick up a car, it needs one. While you're at it, disassemble the whole thing and clean it up and make sure the breaker plate and the advance weights move freely. So long as the shaft does not have too much play, it should be good to go. I am not saying that electronic ignition wouldn't be better in some respects, I'm just saying that what you have should work while you're sorting out all the other issues.