Hi Falcon64,
If your PI is installed with a direct coil hook-up without ingnition failure you probably do not have a ballast resistor in your car. I say this based on the fact that the odds of the PI performing well for an extended period on six volt is remote. A new unit is supposed to be able to run on as little as 5 volts. But as the wireing and the unit age it just won't keep going. The other reason I doubt you have the resistor is that removing bad (damaged units) without replacing them has happened over the years. The down side is shorter point and coil life but the car will run fine. So, the long and the short of it is that once the ballast resistor is removed, or wired around, you can hook the PI or the PII directly to the coil as you have done. The instructions with the PII suggest you do just that. To be sure you can have the voltage at the + side of the coil checked at most repair shops. If its 12, your in business. Just drop in the PII and hook it up the same way.
By the way, which carb and dizzy are you running. I don't think the 64 200 I6 cars had an air pump (thermactor). If you don't have one there is a good possibility that you have the non-thermator distributor drive (round with slot to hold the rotor in the correct position). If so, the PII you would use is the same unit that goes in the dual advance (single vac) dizzy so if you go that way in the future you won't have to buy another PII (the dizzy change will be needed if you upgrade to 2V).
Steve