Decided to put a "points eliminator" set in the distributor to replace the points in my 67 coupe. I have a set in my 1970 Bronco and figured I'd beat the future problems with points by acting now (although points were working fine.)
Install went fine. I used an Accel 2020 set, which is identical to the Mallory unit but cheaper. I got mine on Ebay and paid about $35 for it.
The instructions note that you need a specific coil, an "ignition ballast resistor," or a resistance wire. I had no idea what the last two were, but figured out I had the ballast resistor already installed so went ahead with the points conversion.
Three photos attached: the first is pre-points removal, the second is after putting in the special plates for the module, and the third is the module installed.
I went to set timing and couldn't get close to the 6-8 degrees it should be. The engine kept quitting. It would run fine at about 25 degrees

or thereabouts...timing light showed the TDC mark was about at the top of the pulley.
When I ran the car, it cut out a couple times going slow but then ran OK. Until I got going about 50 and hit the gas, then it sputtered.
I thought it might be a weak coil, but folks I asked didn't think that was the problem. Still, I picked up a new MSD Blaster 2 for about $38 and put it in. I also put in a new fuel filter (isn't that always the suggestion when cars don't run right? Well, I went ahead and did it.)
Car now runs like a champ. I was able to get the timing to about 6 degrees, too. I think the old coil couldn't handle what the module wanted...but I could be wrong and it was the fuel filter. :p
I've owned the Mustang for only about a month, but in that time I've got about 17 mpg with mix of highway and city driving...it will be interesting to see if this improves mileage. The car does seem to run more smoothly.
Overall a good mod I'd recommend, perhaps as a cheaper alternative to pertronix. Module replacement if it fails isn't as expensive, either.
Dan