Crane uses an optically triggered system with an LED mounted to the breaker plate, and a shutter wheel mounted underneath the rotor.
A V8 kit will have 8 apertures in the shutter. You will need a shutter wheel with six apertures. I'm not sure that Crane makes one that will fit the 223's distributor shaft. They have a universal kit for Lucas & Prestolite distributors that comes with a variety of shutters & brackets but i wouldn't guarantee that any of them will fit your distributor without modification. I installed one of those on a Ford 8N tractor & may have some 6-cylinder shutter wheels left over. I'll try them on my spare 223 distributor to see if any of them work, then repost.
With the Crane system, you can use high-performance ignition coils and achieve much higher output voltages than breaker points will alow. They're also fairly reasonably priced.
The Pertronix "Ignitor-I" conversion for the original distributor is the easiest & least expensive option, but prohibits one from using more modern carburetors. The original "Load-O-Matic" distributor has vacuum advance only and is designed to be used with a combination of ported-manifold and venturi vacuum. A special "Spark Control Valve" on the carburetor controls how much of each vacuum source to apply to the distributor's advance unit. If you're satisfied with the original carburetor, Pertronix is the way to go, given the minimal effort involved. I'd keep a spare in the glovebox, though. If you leave the ignition switch ON, it can burn out an "Ignitor-I" module. The "Ignitor-II" doesn't have that problem, but I don't think there is a version to fit the 223 distributor.
A Pertronix "Ignitor-I" module also probably shouldn't be used with high-performance ignition coils. It requires a coil with 3 to 6 ohms (relying on memory here) of resistance like a stock ignition coil has, otherwise the unit may overheat and burn out
The increase in output voltage of a Pertronix "Ignitor-I" system isn't anything spectacular either, so don't expect to be able to increase the spark plug gaps by much.
One way around those two issues is to use the Pertronix module with some type of aftermarket ignition amplifier like an MSD-6A, between the Pertronix unit and the coil. That way, the Pertronix module only has to sink small currents. An MSD-6A will also drive a high performance ignition coil without any problem.
I did a DuraSpark conversion to get centrifugal advance in addition to vacuum advance, so that I could eventually ditch the old Autolite 1100 carburetor.
First, I had a machine shop put my old 223 gear on a 300 distributor. Then, I noticed that the 223 & 300 oil pump drive shafts were different. The 1963 & below 223/262 engines used a 1/4" hexagonal shaft to drive the oil pump, but the 300 distributor came with a 5/16" shaft that was also too long.
I could have had one end of the 300's 5/16" oil pump drive shaft machined down to 1/4" to fit my old oil pump, but elected to buy a new oil pump for a 1964 & up 223/262 engine (Melling #M67A). There also may have been a way to reuse the 1/4" shaft from the 223, but I didn't look into that. After all, they must have gone to larger shafts for a good reason, and I doubt that the new pump was much more expensive than having the 300's shaft machined smaller. Finally, I had to trim 3/4" from the end of the 300's oil pump drive shaft so that it would match the engagement depth of the old 223 distributor.
For an ignition amplifier, I used a GM 4-pin HEI module mounted on a big aluminum heat sink that I salvaged from an early Pentium-IV computer. The advantage of the GM module is that it's small, cheap, and easy to wire. To get higher output voltages, Ford TFI components (coil, cap, rotor, wires) can be used, and will perform nearly as well as any aftermarket components.
The thing I like best about the DuraSpark conversion is that replacement parts are practically laying in the street. Where do you get a failed Pertronix or Crane module in an emergency?
Anyway, I'm rambling.
If anyone has more questions, drop me a line at:
JimKoz(at)ComCast(dot)Net