Just stumbled in ..........other projects have seriously impeded my Y-block experiences....
Jay -
Remove your distributor - first mark the rotor direction and housing direction - take a few pictures of the alignment as you go. Disassemble and carefully clean it up so it all works freely - advance mechanisms and all. The ground wire mentioned earlier is easy to overlook - don't. High temp silicone caliper grease works well down inside the advance mechanism - just don't overdo it.
Get a new set of points and condenser and install them to spec - easy to set the points cold on a bench. As someone mentioned - there is a huge year spread where the parts will fit.
Put the distributor back in the engine - in time, with the correct firing order. Verify the firing order again, the distributor rotates counter clockwise.
Make sure the coil connections are correct and the coil itself appears in good shape.
Start the engine and set the initial idle timing. Specs usually say otherwise - but these engines - stock - "like" about 10º.
This is basic stuff - but the electricals should now be in good enough shape to tune the carb. When the engine will start quickly and runs nicely - then its time to consider modifying the spark system.................
I am way in favor of using the Ford Duraspark II distributor as a basis for building an electronic system. In my mind, reliability is key - and parts must be readily available.
(1) They utilize simple and rugged factory Ford spark advance systems. Can be tuned to suit your own use with a little knowhow.
(2) The trigger system is absolutely bulletproof - even makes its own electrical power for the output signal.
(3) When you have a reliable trigger / advance mechanism - they can be used with any number of factory or commercial controllers. Because Ford used a modular system, the chosen control box can be located in a cooler, convenient service location - not inside a distributor on the backside of a hot engine.
Rebuilders have used two different distributor bodies for constructing replacement Y-block distributors. The Autolite - and the Motorcraft. The base stems of the housings differ for a quick identification - the Autolites have some round concentric rings and grooves just above the block fit - and the Motorcraft version has a three lobed "cam" sort of shape. If you find a Motorcraft based rebuild - with a Y-block lower shaft and drive gear - the conversion is a breeze. The parts for a Duraspark II distributor (say for a 1975 302 Maverick) will transfer and install directly into the housing. If the housing is an Autolite - the upper rotor shaft must be modified by removing the point cam - and machining it to fit a "reluctor" - the 8 bladed timing armature of the Duraspark II. Once you have the modified part in hand - the rest of the conversion is pretty straight forward.
Once you have an electronic trigger equipped distributor - all sorts of things are possible. The mechanical spark advance curved may be changed - the behavior of the vacuum advance can be altered - and so on. The coil controllers may be changed - the regular old Ford box can be used - or a GM or Chrysler if you want - many options are available. My own choice has been to use reliable parts from the "BIG 3" - with some judicious substitutions from the aftermarket. I have more specific detailed information I can give you by email if you send me a PM with an address.
Steve Metzger Tucson, Arizona