I've done the 12V positive ground conversion on my '48 H series, but still using the points. I might be able to answer questions on that part. 140A alternator and modern lights make the old cars much more fun to drive.
Are you talking about converting to HEI by grafting a new head onto the old shaft for the distributor or by finding another complete distributor that would interchange? You could always trigger some kind of electronic ignition using the points as a low current switch which would let the points last a very long time. I've seen this done with both aftermarket boxes and things like the Mopar orange box, etc.
I'd be very happy to get rid of the stock distributor to get away from the strange venturi vacuum advance to let me change carbs, etc. I'm not sure if any other distributors will fit or can be easily converted. Of course, with enough machine shop time anything can be made to work. I have an idea on using an external box to control timing - lock the distributor fully advanced and then use engine RPM to do a 2 dimensional map of timing vs. RPM. The kit I saw used a switch to jump between two different tables, so you could get a different advance curve under boost, for example. I have not tried this yet, but I figured that I could get enough curve data from the factory shop manuals to get something at least close.
Anyone have a spare type H distributor that I could use to investigate a conversion with a machine shop? Are there any other later model Ford distributors that might interchange with a gear swap or something? What other choices are there for ignition? In the old days there were performance intakes for this engine so someone must have worked out how to get around the strange vacuum advance with multiple carbs, etc.
My problem is that TBI units don't have venturi vacuum. . .
Thanks!
Ed