is right! Don't put one of those crappy GM monstrosities on the front of your engine, where it messes with aircleaners, Monte Carlo bars! Just get a good Ford dizzy. Make sure its ignition curve is right, put in a coil with the right resistance (if you're not sure, just read THIS ARTICLE )
Depending on how much you hop it up, and what cam you've got, you may even want to consider points. They deliver a really long, fat, hot spark up to about 5500 RPMs, so unless you're running a hot cam and a lot of other goodies, they make sense. If you're above that, the shorter, but more intense spark of an electronic ignition system, along with the superior dwell at high RPMs really helps. It is true that you will need to check your points once in a while. Maybe every 5-10 oil changes or so. A lot of cars actually run better with points than with electronic ignition, but of course, electronic ignition is basically 'maintenance free' which is nice.
As for 'which is better', I would say that there's not much difference between an HEI and stock Autolite/Motocraft distributor, except that the Ford one fits better and looks more appropriate. The one other exception would be the crummy 'coil in cap' HEI dizzys that tend to have problems. The regular HEI distributors work just fine, too, even if I do hate them. =)