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Is there any additional computer or sensors related to the ignition? I'd assume if it still uses a distributor the engine goew back to the points era, and there's probably a late 60s points dist that will drop in.... I'd be tempted to drop in a points dist, manually wire it to the battery with a switch, and see what it does...(Also look at the slot on the oil pump grear if it's that style and see if it wallowed out).
I've never had issues with the duraspark module in my 78 Lincoln (knock on simulated wood dash), but I've seen others cuss them out for failing and new ones not always being good.
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