(yes, the pointer on the flywheel is the timing pointer, it points to the drill mark in the flywheel, the motors are to be timed at 500-rpm while in gear, which is somewhat dangerous, but that's what the owners manual says)
get the Pertronix ignition system. You set it once and forget it. It's an infra-red or magnetic pickup and it's very reliable, it's the best thing you can do to a vintage motor.
Here's what they say about it
LOOK AT THESE FEATURES:
A solid-state electronic system... "never change points again!"
Test results show the Ignitor delivers twice the voltage to the spark plugs, increasing horsepower, fuel economy and plug life.
A 2:1 improvement over point type systems in current fall time for increased coil output.
System is designed for use with most point-type coils, optimal performance achieved when used with our Flame-Thrower 40,000 volt coil.
Rotating cobalt magnets, mounted on the distributor shaft, trigger an electronic switching module (Hall effect integrated circuit)
...no points to burn, pit and corrode
...no moving and rubbing parts to wear out.
Electronics are molded in epoxy, eliminating deterioration from dirt, oil, grease or moisture (better foul weather performance).
Fits entirely inside the distributor, no "black box" to clutter your engine compartment. Stable timing... no need for any adjustments.
No complicated wiring makes installations easy. Compatible with 12-volt negative ground systems (some applications available for 6-V negative ground and 6 and 12-V positive ground systems)
Works great in stock point-type distributors as a trigger for multi spark CD ignitions, eliminating the need for expensive aftermarket distributors.
California Resources Board E.O. #D-57-2, legal in all 50 states and Canada.
Guaranteed for 30 months, We Stand Behind It!
Many of us have done it, and I don't know of one single person who had a bad experience with it.
With dual points, you'll have twice the opportunity for something to go wrong. Buy three kits, keep one on board as a spare (but you may never need it).
I would call someone like Maryville Marine, to be sure you got the right part fot the Eaton (Mallory) distributor. Here is a number that I know will work for you, I don't recommend getting these from an automobile supply house, get em from this group (Marine Parts Source) 866-388-0390.
This is a very easy conversion, you keep your dist cap and toss the points. As a matter of fact, I may do a special post on this one later.